Message: Return type of CI_Session_files_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
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NCLT Has Inherent Power To Impose Moratorium Before Initiation Of Corporate Insolvency Resolution Process
05 Sep 2019 08:45 pm
The National Company Law Appellate Tribunal (NCLAT) in a matter has recently held that once an application for initiating insolvency proceedings is filed, NCLT does not have to await hearing of the parties to impose moratorium.
The NCLAT Bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Kanthi Narahari, Member (Technical), while hearing the matter [NUI Pulp and Paper Industries Pvt. Ltd. vs. M/s. Roxcel Trading GMBH] affirmed that Rule 11 of the NCLT Rules, 2016 gave NCLT inherent power to impose moratorium, before the matter is admitted, for meeting the ends of justice or to prevent abuse of the process of the Tribunal.
The Tribunal at Chennai, while exercising power under Rule 11 of the NCLT Rules, had passed an ad-interim order restraining NUI Pulp and Paper Industries Pvt. Ltd. (Corporate Debtor) and its Directors from alienating or creating any third party interest on the assets of the Corporate Debtor Company till further orders were passed in the matter.
It was the case of NUI Pulp that before admission of insolvency petition, NCLT has no jurisdiction to restrain the 'Corporate Debtor' (NUI Pulp in this case) and its Directors from alienating, encumbering or creating any third party interest on its assets.
NUI Pulp and Paper Industries Pvt. Ltd. vs. M/S Roxcel Trading GMBH
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