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
that the powers of the NCLT, as Adjudicating
Authority under Section 60 of the IBC, are circumscribed by the
authority of the interim resolution professional ... relation to the insolvency resolution", appearing in Section 60(5) of
IBC, 2016. The Supreme Court created a distinction between
proceedings which had attained
whether the inherent power
of the Tribunal embodied in Section 60(5) of the IBC can be used to
oust all powers vested in regular ... exercise of the powers of the Tribunal under Section 60(5) of the IBC,
whereas, in the present case, the germane issues are, whether
successful creditors. Such proposition was not
supported by law. Section 60(5) of the IBC provided that notwithstanding
anything to the contrary contained ... such form and manner as may be prescribed."
37. Section 238 of IBC is quoted below:-
"238. Provisions of this code to override
successful creditors. Such proposition was not
supported by law. Section 60(5) of the IBC provided that notwithstanding
anything to the contrary contained ... such form and manner as may be prescribed."
37. Section 238 of IBC is quoted below:-
"238. Provisions of this code to override
successful creditors. Such proposition was not
supported by law. Section 60(5) of the IBC provided that notwithstanding
anything to the contrary contained ... such form and manner as may be prescribed."
37. Section 238 of IBC is quoted below:-
"238. Provisions of this code to override
successful creditors. Such proposition was not
supported by law. Section 60(5) of the IBC provided that notwithstanding
anything to the contrary contained ... such form and manner as may be prescribed."
37. Section 238 of IBC is quoted below:-
"238. Provisions of this code to override
successful creditors. Such proposition was not
supported by law. Section 60(5) of the IBC provided that notwithstanding
anything to the contrary contained ... such form and manner as may be prescribed."
37. Section 238 of IBC is quoted below:-
"238. Provisions of this code to override
jurisdiction and power of the NCLT.
9
Sub‐section (5) of Section 60 lays down that notwithstanding anything to the
contrary contained in any other ... occasion for the
Adjudicating Authority to pass an order. Section 60(5) of the IBC is merely
enabling, charting out the territory of the powers
writ petitioner applied before the NCLT
under Section 60 (5) of the IBC. The NCLT dismissed the said application
on February 16, 2022, holding that ... placing reliance on the
language of Section 60(5)(c) of the IBC and the judgments of Gujarat Urja
Vikas Nigam Limited vs. Amit Gupta
