2017 (8) TMI 674 - HC - Insolvency and Bankruptcy

Insolvency and Bankruptcy Code - Held that - On an application preferred by the financial creditor, namely, State Bank of India, under Section 7 of the Insolvency and Bankruptcy Code, 2016, the National Company Law Tribunal (NCLT), Ahmedabad Bench has passed an order dated 18.07.2017 under Section 14 of the said Code. In view thereof, the present petition is adjourned sine die. The parties herein are granted liberty to mention the petitions either after the proceedings before the NCLT are over or the NCLT vacates/modifies the said order. The respondent is hereby directed to communicate to the petitioner the outcome of the said proceedings.

Summary

The Bombay High Court adjourned the petition sine die as the National Company Law Tribunal passed an order under the Insolvency and Bankruptcy Code, 2016. The parties have liberty to mention the petition after NCLT proceedings are over or the order is vacated/modified. The respondent must communicate the outcome to the petitioner.