NCLT JUDGEMENT ON SECTION 14, 14(1), 14(1)(D), 14(2), 60, 60(5) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, RULE 11 OF NATIONAL COMPANY LAW TRIBUNAL RULES, 2016, SECTION 56(1) OF ELECTRICITY ACT, 2003 AND SECTION 176 OF THE INDIAN CONTRACT ACT, 1872
State Bank Of India And Ors. Vs. Rohit Ferro Tech Limited And Ors., (2020) 08 NCLT CK 0006 NCLT dismissed the appeal filed vide I.A. (IB) No. 611/KB/2020 by the applicant, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of National Company Law Tribunal Rules, 2016, seeking grant of leave to conduct auction and to have access to the Plant of the Respondent at Jajpur, Odisha and for inspection and for removal of the said goods upon completion of sale through e-auction/tender to be conducted by the applicant. While dismissing the Appeal NCLT held that we do not find any substance in the arguments of the applicant that he still has any right to the goods or raw material lying in the premises of the CD, even after the order of CIRP. The provisions of the Code are very much clear in this regard. The RP is the final authority who will take possession of the moveable and immovable properties of the CD after the order of CIRP. Anybody has any claim a...