9911796707
TMI Blog2022 (7) TMI 1245X X X X Extracts X X X X X X X X Extracts X X X X ..... ment Directorate/Adjudicating Authority/Appellate Authority under that law are related to some investigation about the affairs of the Corporate Debtor and its officers prior to the CIRP. It has no relation of whatsoever nature about the insolvency of the Corporate Debtor or its liquidation process. The prayers as made therein are not maintainable before this Adjudicating Authority invoking provisions under section 60(5)(c) of the IBC, 2016. Hence, applications to that extent need to be rejected. Seeking issue of appropriate directions to Respondents No. 2 to 5 herein to pay/clear admitted outstanding - HELD THAT:- This prayer does not fall within the ambit of sections 43 and 66 of the IBC, 2016. The amount claimed herein by the Liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g amount/debt to the Corporate Debtor in a time bound manner; 3. In IA No. 453 of 2019 following prayers are made: (i) Withdraw the provisional attachment order with immediate effect for the sake of continuing the liquidation process which shall benefit the creditors as well as other stakeholders of the Corporate Debtor; (ii) Remit the amount of Rs. 2,29,10,131.06 which was withdrawn/transferred from the account of the Corporate Debtor to the Enforcement Directorate on 2nd August 2018 into the Liquidation Account of the Corporate Debtor; 4. We issued notices to Respondents. They appeared and filed their replies. 5. We heard Learned Counsel for the Liquidator. No one appeared for the Respondents including Enforcement Dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny question of law or fact, arising out of or in relation to insolvency resolution. But a decision taken by the government or a statutory authority in relation to a matter which is in the realm of public law, cannot, by any stretch of imagination, be brought within the fold of the phrase arising out of or in relation to the insolvency resolution appearing in Clause (c) of sub-section (5). Let us take for instance a case where a corporate debtor had suffered an order at the hands of the Income Tax Appellate Tribunal, at the time of initiation of CIRP. If Section 60(5)(c) of IBC is interpreted to include all questions of law or facts under the sky, an Interim Resolution Professional/Resolution Professional will then claim a right to challen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the spirit or object of the IBC. Section 60(5)(c) of the IBC vests the NCLT with wide powers since it can entertain and dispose of any question of fact or law arising out or in relation to the insolvency resolution process. We hasten to add, however, that the NCLT's residuary jurisdiction, though wide, is nonetheless defined by the text of the IBC. Specifically, the NCLT cannot do what the IBC consciously did not provide it the power to do.... 8. The summons/orders issued by the Enforcement Directorate/Adjudicating Authority/Appellate Authority under that law are related to some investigation about the affairs of the Corporate Debtor and its officers prior to the CIRP. It has no relation of whatsoever nature about the insolven ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
