9911796707
TMI Blog2020 (6) TMI 617X X X X Extracts X X X X X X X X Extracts X X X X ..... f which the Petitioner is one of the Promoter-Directors, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The NCLT has vide the said order appointed an IRP and declared moratorium under Section 14 of the IBC. 3. The first contention of Mr. Prabhat Kumar, ld. counsel appearing for the Petitioner is that the Company falls within the category of Micro, Small and Medium Enterprise (MSME), with more than 20 employees and at least 50 vendors would be affected if the insolvency proceeding continue against the Petitioner. The Petitioner would completely out of business overnight. The NCLT has failed to appreciate that w.e.f. 24th March, 2020, the jurisdiction of the NCLT has been increased to Rs. 1 crore. However, in the operati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d consent of the IRP is also enclosed at page 78-81 and there is no disciplinary proceeding is pending against him and the defaulted amount is more than Rs. 1,00,000/- is being the minimum threshold limit fixed under IBC, 2016. Under such circumstances this Adjudicating Authority is inclined to admit this petition and initiate CIRP against the respondent. Accordingly, this petition is ADMITTED. A moratorium in terms of Section 14 of the IBC, 2016 shall come into effect forthwith staying:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... akh rupees to one crore rupees in respect of `Insolvency Resolution and Liquidation for corporate persons' in Part II of the Code. The proceedings in the present case have been commenced under Section 9 of the IBC which is in Part II of the Code. The purpose of the notification was to ensure that Small and Medium Enterprises viz., SMEs and MSMEs are not subjected to Insolvency proceedings during the lockdown or immediately thereafter. The present writ petition accordingly deserves consideration. Prima facie, this is an error by the NCLT, as the notification dated 24th March 2020 was clearly applicable. Subject to the Petitioner depositing an amount of Rs. 10 lakhs with the ld. Registrar General of this Court, the order of the NCLT dated 29t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
