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K. R. SHRIRAM, KAMAL KHATA
Reliance Communication Limited – Appellant
Versus
Rajendra P. Bansal – Respondent
Headnote: Read headnote
JUDGMENT :
K.R. Shriram, J.
1. The preliminary issue that falls for consideration in the present Interim Application is whether respondent can be allowed to withdraw the monies deposited by appellant pursuant to this Court’s order dated 10th December 2012 towards stay of execution of the impugned judgment given that appellant is undergoing CIRP.
2. Appellant is a company incorporated under the provisions of the Companies Act, 1956 and is, inter alia, engaged in the business of telecommunication services. Appellant is undergoing Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”) pursuant to the order dated 15th May 2018 passed by the National Company Law Tribunal, Mumbai (“NCLT”) in C.P. No.(I.B.) 1387 (MB) of 2017. Appellant is being represented in the present proceedings through its Resolution Professional.
The court affirmed that a decree can be issued based on admissions where debts owed are settled through an approved resolution plan, allowing the security deposit to be recovered unconditionally.
The court ruled that the NCLAT erred in approving a settlement without adhering to the procedural requirements of the Insolvency and Bankruptcy Code, emphasizing the collective nature of insolvency p....
(1) Plea of alternative remedy is a self-imposed restriction by superior Courts and is never an absolute bar unless barred by statute.
(2) Application under Section 12A of Insolvency and Bankruptc....
Interest on decreed amounts will not cease upon deposit in a court other than the executing court; actual payment to the decree holder is required to stop interest accrual.
The court ruled that claims for specific performance and damages relating to a project stalled due to insolvency are classified as debts under IBC; thus, their pursuit is barred during insolvency pro....
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