2018 (4) TMI 1585 - SCH - Money Laundering

Corporate insolvency process - whether, in relation to an operational debt, the provision contained in Section 9(3)(c) of the Code is mandatory? - Held that - In view of judgment of this Court in Macquarie Bank Limited v. Shilpi Cable Technologies Limited 2017 (12) TMI 850 - SUPREME COURT OF INDIA the impugned order is set aside and the matter is remitted back to the National Company Law Appellate Tribunal, New Delhi, for fresh disposal in accordance with law. The Special leave petition is accordingly disposed of. Since this order is being passed ex-parte, the respondent will be at liberty to move this Court, if aggrieved. The petitioner may appear before the Appellate Tribunal for further proceedings on Monday, the 14th May, 2018.

Summary

The Supreme Court set aside the impugned order and remitted the matter back to the National Company Law Appellate Tribunal for fresh disposal in accordance with law. The Special leave petition was accordingly disposed of. The respondent can move the Court if aggrieved. The petitioner was directed to appear before the Appellate Tribunal on May 14, 2018, and notify the respondent of the order. Pending applications were also disposed of.