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IN THE HIGH COURT OF JUDICATURE AT BOMBAY, NAGPUR BENCH
M.M.NERLIKAR
SREI Equipment Finance Limited – Appellant
Versus
Rajesh Bajirao Khandewar – Respondent
M.M. NERLIKAR, J.
Heard. Rule. Rule is made returnable forthwith and by consent of the learned Counsel appearing for the parties, the matter is taken up for final disposal.
2. The petitioner by way of this petition challenges the order passed by the District Consumer Dispute Redressal Commission, Akola in Consumer Complaint No.312/2021 dated 20.07.2022, whereby the learned District Consumer Commission allowed the complaint filed by the respondent no.1 and directed the petitioner to return the JCB Machine to respondent no.1. Another prayer is to quash and set aside the order dated 19.06.2024 whereby bailable warrants are issued against the owner and Chief Executive Officer of petitioner no.1 Company.
3. Facts of the case are such that – the petitioner is a Company registered under the Companies Act. Respondent Nos.2 and 3 are its employees. On 04.10.2021 the Reserve Bank of India issued a notification superseding the Board of Directors of the petitioner Company. Pursuant to that, the Reserve Bank of India has preferred an application before the National Company Law Tribunal, Kolkata bench bearing CT (IB) No.2904/2021 for initiation of insolvency resolution process. By order d
The court confirmed that consumer complaints seeking recovery cannot proceed against a company under moratorium, as such actions are barred under the Insolvency and Bankruptcy Code.
A Resolution Plan approved under the Insolvency and Bankruptcy Code extinguishes all pre-CIRP claims not included in the plan, and actions taken during a moratorium are legally unenforceable.
(1) Moratorium under Section 14 of Insolvency and Bankruptcy Code, 2016, does not extinguish claim of party forever, rather it postpones its enforcement during pendency of insolvency proceeding.(2) N....
(1) Approval of resolution plan – If a claim is submitted by an operational creditor claiming itself as a financial creditor, claim would have to be accorded due consideration in category to which it....
(1) Assets of company would include amounts lying to credit in bank accounts.(2) Power under Section 482 of Cr.P.C. may not be available to Court to countenance breach of a statuary provision.
The approval of a resolution plan under the IBC extinguishes all claims not included in the plan, including tax liabilities, ensuring a fresh start for the corporate debtor.
The approved Resolution Plan under the Insolvency and Bankruptcy Code binds all creditors, extinguishing claims not included, ensuring no surprise liabilities arise post-approval.
The approval of a resolution plan under the IBC Code, 2016 extinguishes any debt not part of the plan and binds the stakeholders to the plan.
The approval of a resolution plan under the IBC extinguishes all claims not included in the plan, including tax liabilities.
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