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ARTICLE · 05 SEPTEMBER 2019

Five Recent Judgments On The Insolvency And Bankruptcy Code, 2016

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Excel Metal Processors Limited Vs. Benteler Trading International GMBH and Anr [Company Appeal (AT) (Insolvency) No. 782 of 2019], NCLAT;

IndiaInsolvency/Bankruptcy/Re-Structuring
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I. Jursdiction clause in a contract cannot oust the rights of NCLT/NCLAT under the I&B Code.

Excel Metal Processors Limited Vs. Benteler Trading International GMBH and Anr [Company Appeal (AT) (Insolvency) No. 782 of 2019], NCLAT;

The NCLAT, while referring to Binani Industries Limited vs. Bank of Baroda and Anr. 2018 SCC Online NCLAT 521, observed that CIRP is not a 'suit' or a 'litigation' or a 'money claim' for any litigation. Neither is it an auction or a recovery. The object is merely to bring about a resolution plan, so that the Company do not default on dues.

With regard to the issue of jurisdiction, the NCLAT held that in terms of Section 408 of the Companies Act, 2013, the Central Government has notified and vested the power on the NCLT having the requisite territorial jurisdiction to deal with the matter where the registered offices of the Companies are situated.

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