TaxTMI 
TaxTMI 
2026 (1) TMI 162
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....credit facilities extended to it by the Financial Creditor, namely Axis Bank Limited, a Company Petition was filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The said petition was admitted by an order of the NCLT dated 13.03.2018, pursuant to which the first Respondent herein was appointed as the Resolution Professional. 3. The Appellant has contended that the Corporate Debtor (CD) had the facility to borrow from its Directors and their relatives and the Board Resolution dated 15.12.2011, authorised borrowing from the Directors of the Corporate Debtor and the relatives of such Directors by way of unsecured loans up to a limit of Rs. 10,00,00,000/-, carrying interest at a rate not exceeding 12% per annum, that from that date onwards, the Corporate Debtor has been borrowing money from and repaying the same to the Directors & their relatives from time to time, and that in the process, the Corporate Debtor had repaid unsecured loans amounting to Rs. 1.7 Crores during November 2016-January 2017. He has further stated that the said amount was borrowed during January 2016, on account of the need to pay the creditors and employees and the said....
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....ght to be deferred. This plea was not accepted by the Tribunal, which held that the mere pendency of an appeal does not amount to an automatic stay of execution of an order, particularly when such order is in the nature of a money decree. Accordingly, the Learned Tribunal, after considering the rival contentions, passed the impugned order dated 01.09.2025 in Contempt Application (IBC)/3/2024 in IA (IBC)/661/2018. 7. While passing the impugned order, the Tribunal took into consideration the fact that, although appellate proceedings were pending consideration, no stay had been granted by the Appellate Tribunal on the first date of hearing of the Company Appeal, and the matter was listed for hearing on 17.10.2025. The Tribunal observed that since the order dated 18.10.2024 continued to subsist in the eyes of law, the same had to be executed. Consequently, the Tribunal directed the Mandal Revenue Officer of the competent jurisdiction to initiate proceedings under the provisions of the Revenue Recovery Act for recovery of the amount by attachment of the assets of the Appellant and further restrained the Appellant from alienating or creating any third-party interest in respect of his ....
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....CLT Rules reads as under: - "56. Application for execution.- For execution of order passed by the Tribunal, the holder of an order shall make an application to the Tribunal in Form NCLT.8". 11. The aforesaid provision contemplates initiation of proceedings for execution of an order passed by the Learned Tribunal, namely the order dated 18.10.2024, which is required to be submitted in the form prescribed as Form No.NCLT-8. Even if the argument advanced by the Learned Counsel for the Appellant is accepted for the time being, reference must necessarily be made to Form NCLT-8, which is to be adopted for the purpose of execution of an order deriving its source from sub-section (3) of Section 424 of the Companies Act, 2013. What is material is that execution of a decree under civil law is governed by Order XXI of the Code of Civil Procedure. However, if sub-section (3) of Section 424 of the Companies Act, 2013, is read along with Rule 56 of the NCLT Rules, 2016, then the legislature has consciously avoided borrowing the provisions of Order XXI of the CPC in their entirety, for the purpose of executing the orders passed by NCLT and NCLAT. 12. Learned Senior Counsel for the ....
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....tabular form the following particulars, namely:- (a) the number of the suit; (b) the names of the parties; (c) the date of the decree; (d) whether any appeal has been preferred from the decree; (e) whether any, and (if any) what, payment or other adjustment of the matter in controversy has been made between the parties subsequently to the decree; (f) whether any, and (if any) what, previous applications have been made for the execution of the decree, the dates of such applications and their results; (g) the amount with interest (if any) due upon the decree, or other relief granted thereby, together with particulars of any cross- decree, whether passed before or after the date of the decree sought to be executed; (h) the amount of the costs (if any) awarded; (i) the name of the person against whom execution of the decree is sought; and (j) the mode in which the assistance of the Court is required whether,- (i) by the delivery of any property specifically decreed; [(ii) by the attachment, or by the attachment and sale, or by the sale without attachment, of any property;] ....