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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Mehsana Urban Co – Operative Bank Ltd. – Appellant
Versus
Swastik Ceracon Ltd. – Respondent
| Table of Content |
|---|
| 1. factual background of cirp and unauthorized adjustments. (Para 1 , 2 , 6) |
| 2. parties' jurisdictional and set-off contentions. (Para 3 , 4) |
| 3. ibc overrides multi-state cooperative societies act; nclt jurisdiction applies. (Para 7 , 8 , 9 , 10 , 11 , 12) |
| 4. nclt jurisdiction under section 60(5)(c) for insolvency-related disputes. (Para 13 , 14 , 15 , 16) |
| 5. precedents do not oust ibc jurisdiction; section 84 inapplicable. (Para 17 , 18 , 19 , 20 , 21) |
| 6. interest on refund from application date; appeal partly allowed. (Para 22 , 23 , 24) |
J U D G M E N T
ASHOK BHUSHAN, J.
This appeal has been filed challenging the order dated 30.10.2025 passed by the adjudicating authority (National Company Law Tribunal, Division Bench, Court I, Ahmedabad), in I.A.370/AHM/2025 in C.P. (IB) No. 175/9/AHM/2018. Adjudicating authority by the impugned order has allowed the I.A. 370/AHM/2025 filed by the Swastik Ceracon Limited, the respondent herein and directed the appellant to refund the amount of ₹56,00,000/- with 10% interest from respective adjustments dates.
2. Brief facts of the case necessary to be noticed for deciding the appeal are:
i. The corporate debtor, Swastik Ceracon Limited was
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