Supreme Court of India held Insolvency and Bankruptcy Code cannot replace decree execution. Bench of Pamidighantam Sri Narasimha and Alok Aradhe restored NCLT order, imposed costs.
The Supreme Court of India ruled that National Company Law Tribunal and National Company Law Appellate Tribunal cannot review attachment orders under the Prohibition of Benami Property Transactions Act, 1988, even if linked to Insolvency and Bankruptcy Code, 2016 proceedings, dismissing liquidators’ appeals.
The Supreme Court of India has accepted the appeal by BYJU’S promoters against the NCLAT’s refusal to withdraw insolvency proceedings linked to a Rs. 158 crore settlement with BCCI. Notices have been issued to relevant parties, with the next hearing scheduled for July 21, where interim relief may be considered.
New Delhi: 26th May: The Bhushan Power and Steel Limited (BPSL) case, the Supreme Court of India has temporarily stayed the liquidation proceedings currently pending before the National Company Law Tribunal (NCLT). This stay comes to allow JSW Steel to file a review petition challenging the Court’s earlier judgment delivered on May 2.
