NCLT not barred from entertaining IBC Application even if notice issued in winding up plea by HC: Madras HCOctober 16 2019
A recent order of the Madras High Court serves to add to the law regarding whether applications filed under the Insolvency and Bankruptcy Code (IBC), 2016 to initiate corporate insolvency can be entertained by the NCLT when the High Court has already issued notice in pending pleas to wind up the company under the erstwhile provisions of the Companies Act, 1956.
The Bench of Justices S Manikumar and Subramonium Prasad summed up the legal position on this aspect as follows,
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