IBC- NCLAT Fortnightly Summary (October 16 – October 31, 2024)

The following is a snapshot of the important orders passed by the National Company Law Appellate Tribunal ("NCLAT"), under the Insolvency and Bankruptcy Code, 2016 ("Code"), during the period between October 16 and October 31, 2024.

For ease of reference, the orders have been categorized and dealt with in the following categories i.e., Pre-admission stage, Corporate Insolvency Resolution Process ("CIRP") stage, Post CIRP stage, Liquidation and Miscellaneous.

A. Pre-admission Stage

1. In Century Aluminium Company Limited v. Religare Finvest Limited(Company Appeal (AT) (Insolvency) No. 1719 of 2024), the NCLAT had an opportunity to examine the interplay between the Code and the Arbitration Act, when it analyzed the impact of pendency of an arbitration proceeding initiated by the financial creditor on the Section 7 application filed by it, as well as the course of action to be taken in the event that an application under Section 8 of Arbitration and Conciliation