Dismissed

In the matter of Independet Tv Limited Ia No. 2271-2022 in Cp (Ib) No. 3176-MB-C-IV-2019

NCLT17 Mar 2023

Case brief

AI extract

What is this about?

The Tribunal dismissed an application filed by the Union of India seeking a stay of liquidation proceedings (IA-661/2021). The Applicant argued ignorance of the CIRP commencement and pending Supreme Court litigation, but the Tribunal held that the issues could be addressed within the liquidation proceeding itself, rendering a stay unnecessary.

What did the court decide?

IA-2271/2022 was dismissed without staying the proceedings under IA-661/2021.

In the matter of Independet Tv Limited Ia No. 2271-2022… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV

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IA No. 2271/2022

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Under Section 33(1) of Insolvency & Bankruptcy Code, 2016

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Union of India

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Through, P. Nagarajan, Under Secretary to the Govt. of India Ministry of Information and Broadcasting A Wing, Shastri Bhawan, Delhi – 110 001

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…Applicant

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Vs.

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Shri Anup Kumar , Resolution Professional of M/s Independent TV Limited

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……. Respondent

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In the matter of

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CP (IB) No.3176/MB/C-IV/2019

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M/s Noble Co-operative Bank Limited

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…Financial Creditor

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Vs.

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M/s Independent TV Limited

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…Corporate Debtor

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Order Pronounced on: 17.03.2023

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Coram: Mr. Prabhat Kumar Mr. Kishore Vemulapalli Hon’ble Member (Technical) Hon’ble Member (Judicial)

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Appearances (via videoconferencing):

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For the Applicant : Mr. M. S. Bhardwaj, Advocate. For the Respondent(s) : Mr. Abhishek Anand a/w Ms. Shankari Mishra, Advocates.

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NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV

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IA No. 2271/2022 IN CP (IB)/3176/MB-IV/2019

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Per; Prabhat Kumar, Member (Technical)

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ORDER

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This is an Application filed by the Applicant/ Union of India seeking stay of proceedings under Liquidation Application i.e. IA-661/2021 filed for seeking liquidation of the Corporate Debtor.

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The Applicant has submitted that it was not aware of the commencement of the CIRP against the Corporate Debtor which started on 26.02.2020 when the Applicant issued the letter for encashment of the Bank Guarantees of the Corporate Debtor on 27.02.2020 and deposited Demand Draft received from the Bank on 02.03.2020 in the Ministry of Information and Broadcasting (I & B) for credit into Govt. Account. It is also submitted that their claim was admitted by the Resolution Professional on contingent basis.

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The Applicant has prayed for stay of liquidation proceeding till the decision in pending Court cases including transferred case (Civil) No. 73 of 2019 before the Hon’ble Supreme Court.

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We feel that the issues raised by the Applicant can be dealt with equally in course of liquidation proceeding also, in case, the same is allowed by us. Hence, there is no need to stay the proceeding under IA-661/2021. Accordingly, IA-2271/2022 is dismissed .

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Sd/Sd/- PRABHAT KUMAR Kishore Vemulapalli Member (Technical) Member (Judicial)

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In the matter of Independet Tv Limited Ia No. 2271-2022 in Cp (Ib) No. 3176-MB-C-IV-2019

Case brief

What is this about?

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In the matter of Independet Tv Limited Ia No. 2271-2022 in Cp (Ib) No. 3176-MB-C-IV-2019

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