IBC:
(i) Section 60(5) must be interpreted in the context of Section 25(2)(b) of the
IBC, which provides that ... provisions equivalent to
Sections 18 and 25 (2) (b) of IBC. The interplay between these provisions
and Section 60(5) must be considered
relevant to note that unlike Section 4 of
the PIA, Section 60(5)(c) of the IBC is not
subject to other provisions ... actions prohibited by Section
14 of IBC, there would have been no
requirement for the legislature to enact
Section 60(5)(c) of IBC. Section
insolvency
resolution” occurring in Section 60(5)(c). It was also held that
the residuary clause of Section 60(5) cannot be taken
advantage ... section (5) of Section
60, as it speaks about the jurisdiction of the NCLT. Clause
(c) of sub-section (5) of Section 60 is very
SECTION 65 OF THE IBC ............................................... 20
B. SCOPE OF SECTION 75 OF THE IBC ............................................... 30
C. RESIDUARY POWERS OF THE NCLT UNDER SECTION 60 ... RELEVANT
NCLT RULES, 2016
34. Sections 65, 75, and Section 60(5)(c) of the IBC, need to be analysed
to determine whether
prayers sought for by the Respondent No.
1 under Section 60(5) of the IBC in view of the law laid down ... NCLT arises not only under Section 60(5) but also under
Section 35(1)(n) of IBC. Reliance has also placed on Section
noted in paragraph 5(iv) and for
interpreting Section 60, sub-section (2) of the IBC, the Madras High Court
has extracted paragraph ... proceedings are liable to be
transferred under Section 60, sub-section (3) of the IBC.
40. This Tribunal in its judgment in Mahendra Kumar Agarwal
noted in paragraph 5(iv) and for
interpreting Section 60, sub-section (2) of the IBC, the Madras High Court
has extracted paragraph ... proceedings are liable to be
transferred under Section 60, sub-section (3) of the IBC.
40. This Tribunal in its judgment in Mahendra Kumar Agarwal
insolvency resolution of
the Corporate Debtor. Section 60(5)(c) provides thus:
“Section 60 - Adjudicating Authority for corporate persons
…..
(5) Notwithstanding anything to the contrary ... actions prohibited by Section 14 of IBC, there
would have been no requirement for the legislature to enact
Section 60(5)(c) of IBC. Section
professional approved the resolution plan under
Section 31 , sub‐sections (1) and (2) of the IBC, Section 60(5) could not be invoked
against ... other forum or court can decide such an issue.
60. Section 60(5) of the IBC, it is argued, is applicable, contrary to the argument
NCLT. The aforesaid submission
overlooks the fact that sub-section (2) of Section 60, IBC starts with words
‗without prejudice to sub-section ... Section 60
is supplemental to sub-section (1) of Section 60 and has to be read along
with sub-section (1) of Section 60
