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ARTICLE · 04 OCTOBER 2022

Between The Lines... September 2022

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The National Company Law Appellate Tribunal, Principal Bench, New Delhi ("NCLAT") has in its judgment dated August 4, 2022 in the matter of Rakesh Kumar Jain v. Jagdish Singh Nain and Others...

IndiaCorporate/Commercial Law
Aayush Jain
Aayush Jain
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Navya Shukla
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Pritika Shetty
Rishabh Chandra
Rishabh Chandra
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I. NCLAT: Moratorium under Section 14 of Insolvency and Bankruptcy Code, 2016 is no bar for initiation of proceedings under Section 66 of the IBC.

The National Company Law Appellate Tribunal, Principal Bench, New Delhi ("NCLAT") has in its judgment dated August 4, 2022 in the matter of Rakesh Kumar Jain v. Jagdish Singh Nain and Others [Company Appeal (AT) (Ins.) No. 425 of 2022] held that the moratorium imposed under Section 14 (Moratorium) of the Insolvency and Bankruptcy Code, 2016 ("IBC") is not a bar for initiation of proceedings against the resolution professional of a company undergoing Corporate Insolvency Resolution Process ("CIRP") under Section 66 (Fraudulent trading or wrongful trading) of IBC.

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