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TMI Blog2020 (9) TMI 1036X X X X Extracts X X X X X X X X Extracts X X X X ..... iew of the matter, we are not inclined to entertain the Writ Petition since the petitioners have an effective alternative remedy before the NCLAT under Section 61 of the Code - Granting liberty to the petitioner to avail the said remedy of appeal under Section 61 of the Code, this Writ Petition is dismissed - Petition dismissed. - WRIT PETITION No. 4313 of 2020 - - - Dated:- 17-9-2020 - HONOURABLE SRI JUSTICE M.S.RAMACHANDRA RAO AND HONOURABLE SRI JUSTICE T.AMARNATH GOUD ORDER ( Per Hon ble Sri Justice M.S. Ramachandra Rao ) In this Writ Petition, the petitioners challenged the order dt.13-02-2020 passed by the National Company Law Board, Hyderabad Bench in CP (IB) No.454/7/HDB/2018 under Section 7 of the Insolvency and Ban ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 170 of 2019 dt.03-12-2019 the Supreme Court has held that the powers of NCLT are laid down in Section 60 of the Code, and that in sub- Section (1) thereof, the Adjudicating Authority, in relation to insolvency resolution and liquidation for corporate persons including corporate debtors and personal guarantors thereof shall be the NCLT having territorial jurisdiction over the place where the registered office of the corporate person located; and under clause (c) of sub- Section (5) of Section 60 the Act, NCLT would have jurisdiction to entertain or dispose of question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor under the Code. It also held that the NCLT is co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In the said decision, the applicability of Limitation Act, 1963 to applications filed under Section 7 and 9 of the IBC was considered. There is no discussion in the said order about the circumstances in which the Directors of a Corporate Debtor can invoke the jurisdiction of the High Court under Article 226 of the Constitution of India in respect of an order passed by the NCLT. 6. In this Writ Petition, it is the contention of the petitioners herein that respondent Nos.4 and 5 had manipulated and falsified the accounts and misappropriated the funds apart from committing fraud. Therefore, these are the aspects which can certainly be considered by NCLAT, if appeals were preferred by the petitioners under Section 61 of the Code to it. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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