The National Company Law Appellate Tribunal ( NCLAT) has taken up a substantial legal issue regarding the continuity of moratorium on payment of dues if a stay has been obtained on an insolvency admission order.
Uncertainty surrounding continuity of moratorium in instances where a stay order has been passed by a superior court needs deeper examination, the appellate tribunal said in a case between Axis Bank and Asset Reconstruction Company (India) Ltd, and listed the matter for December 3.
Senior advocate Abhinav Vasisth and advocate Manmeet Singh, representing Axis Bank, appealed against a National Company Law Tribunal (NCLT) order that held that moratorium continued even when a stay order had been obtained. The NCLT also directed that transactions and transfers made during the stay period be reversed and amounts deposited back to the corporate debtor's account.
Uncertainty surrounding continuity of moratorium in instances where a stay order has been passed by a superior court needs deeper examination, the appellate tribunal said in a case between Axis Bank and Asset Reconstruction Company (India) Ltd, and listed the matter for December 3.
Senior advocate Abhinav Vasisth and advocate Manmeet Singh, representing Axis Bank, appealed against a National Company Law Tribunal (NCLT) order that held that moratorium continued even when a stay order had been obtained. The NCLT also directed that transactions and transfers made during the stay period be reversed and amounts deposited back to the corporate debtor's account.
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