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1 - 3 of 3 (0.16 seconds)Section 128A in The Customs Act, 1962 [Entire Act]
Ghanashyam Mishra And Sons Private ... vs Edelweiss Asset Reconstruction ... on 13 April, 2021
3. At the outset, learned advocate Mr. Monal
Davawala submitted that he has instructions to appear
for the respondent and the respondent - Company has
been subjected to IBC (Insolvency and Bankruptcy
Code) proceedings and the National Company Law
Tribunal (NCLT) by order dated 16.05.2025 passed
under Section 60(5)of the Insolvency and Bankruptcy
Code, 2016 read with Rule 11 of the National Company
Law Tribunal Rules, 2016 has granted the reliefs,
Page 2 of 10
Uploaded by PHALGUNI PATEL(HC00175) on Sat Jul 19 2025 Downloaded on : Fri Jul 25 22:28:03 IST 2025
NEUTRAL CITATION
C/TAXAP/430/2007 JUDGMENT DATED: 02/07/2025
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and concession sought by the subsequent successful
auction purchaser which includes that any reopening
proceedings, litigation involving the respondent
assessee as on the date of the sale certificate dated
01.01.2025 would stand abated and no fresh claim or
proceedings can be initiated. The National Company
Law Tribunal relying upon the decision of the Hon'ble
Apex Court in the case of Ghanashyam Mishra & Sons
(P) Ltd. v. Edelweiss Asset Reconstruction Co. Ltd.,
reported in (2021) 9 SCC 657, granted such relief and
concession so as to achieve the objective of reviving
the Corporate Debtor as a going concern in consonance
with the clean slate principle to maximize value and
ensure operational continuity. It was, therefore,
submitted that both these appeals are required to be
disposed of in view of the order passed by the
National Company Law Tribunal which is binding upon
the appellant.
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