Scribd Logo
Upload

Welcome to Scribd!

  • Cde 895 B 7 BD 55

    Uploaded by

    Tanish Manuja
    14 views2 pages
    The National Company Law Appellate Tribunal heard an appeal challenging an order from the National Company Law Tribunal regarding the moratorium in an insolvency case involving Isgee Heavy Engineering Ltd. and Bhushan Energy Ltd. The Appellate Tribunal acknowledged that over 270 days had passed but a resolution plan had been filed and considered. While the Appellate Tribunal did not interfere with the order, it directed the Tribunal to pass an appropriate order in accordance with law within 3 weeks. If no such order was passed, the Appellant could file to continue arbitration proceedings if allowed under law. The appeal was disposed with these observations and no order for costs.

    Original Description:

    Original Title

    15868482675cde895b7bd55

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The National Company Law Appellate Tribunal heard an appeal challenging an order from the National Company Law Tribunal regarding the moratorium in an insolvency case involving Isgee Heavy Engineering Ltd. and Bhushan Energy Ltd. The Appellate Tribunal acknowledged that over 270 days had passed but a resolution plan had been filed and considered. While the Appellate Tribunal did not interfere with the order, it directed the Tribunal to pass an appropriate order in accordance with law within 3 weeks. If no such order was passed, the Appellant could file to continue arbitration proceedings if allowed under law. The appeal was disposed with these observations and no order for costs.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    14 views2 pages

    Cde 895 B 7 BD 55

    Uploaded by

    Tanish Manuja
    The National Company Law Appellate Tribunal heard an appeal challenging an order from the National Company Law Tribunal regarding the moratorium in an insolvency case involving Isgee Heavy Engineering Ltd. and Bhushan Energy Ltd. The Appellate Tribunal acknowledged that over 270 days had passed but a resolution plan had been filed and considered. While the Appellate Tribunal did not interfere with the order, it directed the Tribunal to pass an appropriate order in accordance with law within 3 weeks. If no such order was passed, the Appellant could file to continue arbitration proceedings if allowed under law. The appeal was disposed with these observations and no order for costs.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    NATIONAL COMPANY LAW APPELLATE TRIBUNAL

    NEW DELHI

    Company Appeal (AT) (Insolvency) No. 532 of 2019

    IN THE MATTER OF:

    Isgee Heavy Engineering Ltd. …Appellant

    Versus

    Bhushan Energy Ltd.


    Through its R.P. & Ors. …Respondents

    Present:
    For Appellant : Mr. K. Datta, Mr. Ashish Verma and Ms. Prachi
    Johri, Advocates

    For Respondent : Mr. Mayank Mishra and Ms. Pallavi Kumar,


    Advocates

    ORDER

    17.05.2019 The Appellant has challenged the order dated 4th April, 2019

    passed by the Adjudicating Authority (National Company Law Tribunal), New

    Delhi, Principal Bench, which reads as follows:

    “The present application shall be taken up with

    the main case. In the meanwhile, it is clarified that

    the moratorium under Section 14 of the Code, 2016

    continues to be in operation till it is revoked.

    Apparently, there is no order of revocation of

    moratorium.”

    2. Learned counsel for the Appellant submits that period of moratorium

    should have been treated as completed on 5th October, 2018 as more than 270
    -2-

    days have been passed. However, it is accepted that the ‘resolution plan’ has

    been filed before the Adjudicating Authority which was considered and order was

    reserved on 15th November, 2018. Learned counsel for the Appellant submits

    that in the meantime arbitration proceeding filed by the Appellant should be

    allowed to be continued.

    3. However, on such ground we are not inclined to interfere with the

    impugned order but we are of the view that the Adjudicating Authority should

    pass appropriate order in accordance with law on an early date preferably within

    3 weeks. If the order is not passed within 3 weeks from the production of this

    order, then it will be open to the Appellant to file an application before the

    Adjudicating Authority for continuation of arbitration proceedings if permissible

    under the law.

    4. The appeal stands disposed of with aforesaid observations. No order as to

    costs.

    [Justice S.J. Mukhopadhaya]


    Chairperson

    [ Justice A.I.S. Cheema ]


    Member (Judicial)

    [ Kanthi Narahari ]
    Member (Technical)
    /ns/gc
    Company Appeal (AT) (Insolvency) No. 532 of 2019

    You might also like