9911796707
TMI Blog2024 (10) TMI 1624X X X X Extracts X X X X X X X X Extracts X X X X ..... tition for the consolidation of the CIRP of three corporate entities. After coming to that conclusion, there was absolutely no reason for the High Court to exercise its jurisdiction under Article 226 by directing the deferment of the CIRP. Such a direction under Article 226 breaches the discipline of the law which has been laid down in the provisions of the Insolvency and Bankruptcy Code 2016. Conclusion - The High Court had no justification, to direct the deferment of the CIRP in the exercise of its jurisdiction under Article 226 of the Constitution. Appeal disposed off. - Dr. Dhananjaya Y Chandrachud, CJI, J.B. Pardiwala And Manoj Misra, JJ. For the Petitioner : Mr. Tushar Mehta, Solicitor General, Mr. Uday Khare, Adv., Ms. Srideepa Bha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lief seeking consolidation of the CIRP of the Corporate Debtor with two other companies for the reasons which are indicated in paragraph 7 of its judgment which is extracted below: 7 As seen from the material placed on record, the Financial Creditor has filed I.A. No. 32/2020 in CP(IB) No. 492/07/HDB/2019 on the file of NCLT seeking consolidation of CIRP of Corporate Debtors with two other companies and the said application was rejected by the NCLT vide order, dated 12.02.2021. Challenging the same. Financial Creditor filed Company Appeal (AT)(CH) (Ins) No. 46 of 2021 on the file of NCALT. During pendency of the appeal on the file of NCLAT, Financial Creditor has filed 1A(IBC)/374/2022 and IA(IBC)/403/2022 in CP(IB) No. 492/7/HDB/2019 on th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other respondents. 8 We have heard Mr Tushar Mehta, learned Solicitor General for the appellant and Ms Pallavi Pratap, counsel for the contesting first respondent, who is the original petitioner before the High Court in the proceedings under Article 226. 9 Mr Nalin Kohli, senior counsel has also appeared on behalf of the Resolution Professional of the Corporate Debtor. The Resolution Professional has also supported the submissions of the appellant before this Court. 10 We find merit in the grievance that the High Court had no justification, to direct the deferment of the CIRP in the exercise of its jurisdiction under Article 226 of the Constitution. Significantly, the High Court declined to grant the main relief which was sought in the peti ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
