Section 95 Application Can Be Filed By Creditor In His Individual Capacity Or Jointly With Other Creditors Or Through RP: NCLAT

The NCLAT Bench of Justice Ashok Bhushan (Judicial Member, Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical member) has held that Section 95 of IBC clearly provides that a Section 95 application can be filed by a creditor in his individual capacity or jointly with other creditors or through a RP. It nowhere lays down any prescription that if the credit facility has been extended by more than one financial creditor, the Section 95 application is required to be filed ...

After Initiation Of Moratorium U/S 14 Of IBC, No Assessment Proceedings Can Be Continued By EPFO: NCLAT

The NCLAT New Delhi Bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical member) has held that after initiation of moratorium under Section 14, sub-section (1), no assessment proceedings can be continued by the EPFO. When an order of liquidation is passed, moratorium under section 33 kicks in which does not prohibit initiation or continuation of assessment proceedings. Brief Facts In Appeal No 1062 of 2024, the...