2026 (1) TMI 1605

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....nk bringing to the notice of this Court that after the impugned order passed by the Debt Recovery Tribunal (DRT), the sale certificate was registered yesterday, i.e., on 12th January, 2026. 3. The petitioners specifically rely upon the provisions of the Insolvency and Bankruptcy Code (IBC), 2016, to claim that upon filing of an application to initiate the insolvency resolution process by one of the creditors, the moratorium under Section 96 of the IBC was triggered. By specifically relying upon the case status of such proceeding initiated before the National Company Law Tribunal (NCLT), Mumbai, it was emphasized that since the application for initiating the insolvency resolution process was filed on 9th July, 2025, the moratorium under S....

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.... along with the petition, it was submitted that although the initial filing appeared to be on 9th July, 2025, the application was refiled on 31st October, 2025, and in the meanwhile, possession was already taken on 16th September, 2025, and the auction sale was also completed on 24th October, 2025. In other words, it was emphasized that the petitioners deliberately allowed the entire process of possession being taken over and auction sale being conducted and thereupon, the petitioners sought to take shelter under Section 96 of the IBC. 6. Having considered the rival submissions, we find that the question as to whether the application before the NCLT filed by the creditor was properly filed or not and whether resort to Rule 63 of the NCLT....