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
section (5) of Section
60. Therefore the only reason why Subsection (4) is
incorporated in Section 60 is to ensure that NCLT will exercise ... section (5)
of Section 60, as it speaks about the jurisdiction of the NCLT.
Clause (c) of Subsection (5) of Section 60 is very
Andhra Bank before it in terms of section
12-A read with section 60(5) IBC for withdrawal of their
Application admitted under section ... March
2019 filed an application under section 12A read with section 60(5) of
the IBC 2016 for withdrawal of CRIP process initiated against
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
further submitted by ld. counsel that under Section
63 read with Section 60 (5), the NCLT has the exclusive jurisdiction to deal
with the application ... jurisdiction on the subject matter. A
perusal of Section 60 (5) of the IBC shows that any application by or against
the corporate debtor
corporate person is located. As per provisions contained
under Section 60 of the IBC, 2016 the National Company Law
Tribunal shall be the Adjudicating Authority ... filed before the National Company Law
Tribunal.
11. Sub-section (5) of Section 60 empowers the National
Company Law Tribunal (Adjudicating Authority) to entertain
petitioner on 09.08.2019 and thereafter, on
17.06.2019, application under Section 60 of the IBC was
filed, which, learned Advocate for the petitioner
submitted that ... 10629/2019 ORDER
petitioner under Section 60 is filed. The prayers in
such application inter alia are as under:-
"B. Give opportunity of hearing
behest of the IDBI Bank,
an application under Section 7 of the Insolvency and Bankruptcy
Code (IBC) was admitted by the NCLT by an order ... before the NCLT under Section 60(5) of the IBC to
remove the respondent from his position and to appoint some other
competent
Certiorari and any other
appropriate writ/ directions declaring that Section 60(5) of the
IBC, is null and void and ultra vires to the Constitution
Certiorari and any other
appropriate writ/ directions declaring that Section 60(5) of the
IBC, is null and void and ultra vires to the Constitution
