The Appellate Tribunal stayed proceedings in appeal No. 117 of 2017. The court accepted that the debtor is under CIRP as of 13th March 2018. Relying on Section 96(1) of the IBC, the court held that the proceedings remain stayed.
Application for stay of proceedings granted based on Section 96(1) of IBC 2016.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
(Appeal No. 117 of 2017)
(Arising out of O.A. No.987 of 2016 in DRT Visakhapatnam)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA
CHAIRPERSON
31.01.2023
M/s J.M. Financial Asset Reconstruction Company Limited … Appellant -VsSeven Hills Healthcare Private Limited ….Respondents Mr. Raunak Bose, Learned Counsel for the Appellant Mr. S.R. Alam, Learned Counsel for the Respondent
THE APPELLATE TRIBUNAL :
I.A. No. 45 of 2023 an application by the Respondent No. 2 and 3 for staying the proceedings on the ground that the matter is pending before the Hon’ble NCLT Amravati Bench wherein interim moratorium was granted as stated in Para 13 of the Application. In Para No. 3 of the Application it is also stated that Respondent No. 1 is under Corporate Insolvency Resolution Process under Insolvency and Bankruptcy Code (2016) since 13th March, 2018. This factual aspect is conceded by the Learned Counsel for the Appellant. Accordingly, in view of Section 96 (1) of I.B.C. 2016, proceedings shall remain stayed.
2
List on 28th April, 2023 for further orders. I.A. No. 45 of 2023 is disposed of.
(Anil Kumar Srivastava,J) Chairperson
Dated: 31st January, 2023 12/tp
1 issue framed by the court
Whether proceedings in an appeal under the Debt Recovery Tribunals Act should be stayed when the debtor is under Corporate Insolvency Resolution Process.
1 provisions across 1 enactments
M/s J.M. Financial Asset Reconstruction Company Limited
Seven Hills Healthcare Private Limited
Anil Kumar Srivastava
As recorded by the court registry
10 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
