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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ABHAY AHUJA
Sara Chemicals And Consultants – Appellant
Versus
Rayaprolu Prabhakar Sreenivas – Respondent
ORDER :
ABHAY AHUJA, J.
1. This Interim Application inter alia seeks impleadment of the proposed Respondents no.1 to 4 as party Respondents to the Execution Application and to all the pending applications, in addition to other prayers.
2. Mr. Karl Tamboly, learned Counsel appearing for the Respondents no.1 to 3 and Ms. Nishtha Mohanty, learned Counsel for the Respondent no.4, at the outset, submit that this application as well as the Commercial Execution Application is not maintainable as the Award Debtor viz. Ogene Systems (I) Pvt Ltd. has been dissolved by the order dated 13th April 2023 of the National Company Law Tribunal (“NCLT”) and also that this Court has no jurisdiction to entertain this application as well as the Execution Application, in as much as, there are allegations of fraud and misrepresentation involved in the way in which the order dated 13th April 2023 of the NCLT was obtained and the Award Debtor company dissolved as well as the allegation that the directors of the Award Debtor company in connivance with the Resolution Professional have misappropriated the funds of the company, and would have to be decided only by the NCLT or the National Company Law Appellate Tri
The court lacks jurisdiction to entertain execution applications against dissolved entities; disputes of fraud must be resolved by NCLT as per the Insolvency and Bankruptcy Code.
The NCLT has jurisdiction to adjudicate insolvency petitions against personal guarantors even in the absence of pending CIRP against the corporate debtor, as per the provisions of the Insolvency and ....
The court ruled that insolvency proceedings involving personal guarantors must be directed to the NCLT when a corporate debtor is undergoing resolution or liquidation, as clarified by the Supreme Cou....
Operational creditors cannot have time-barred claims accepted under the Insolvency and Bankruptcy Code, rendering claims invalid if they lack enforceability due to limitation constraints.
The NCLT has exclusive jurisdiction under the IBC Code, and property dues of KMC do not take precedence over the dues of other classes of secured creditors.
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....
Execution of an arbitral award is not maintainable during corporate insolvency proceedings as approved resolution plans render prior claims extinguished.
The approved resolution plan under the IBC extinguishes claims not included, rendering any arbitral award related to such claims non-executable.
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