By Varun Marwah & Zacarias Kanjirath Joseph
Introduction
In yet another landmark judgment for the bankruptcy regime in India, the Bombay High Court has ruled that an Application under the Insolvency and Bankruptcy Code, 2016 (IBC) may be made even in cases where a Winding-Up petition has been admitted by a Company Court. Such an Application under the IBC, would not be permitted, only in the event that a final order of Winding-Up is passed under Section 481 of the Companies Act, 1956.
The corporate debtor in this case, PSL Limited (PSL), filed an application with the Bombay High Court, seeking the recall of an earlier order passed on 19 July, 2017, which prohibited the NCLT, Ahmedabad Bench, from proceeding with an insolvency appli…
Read the full article at: https://barandbench.com/bombay-hc-starts-race-between-windingup-insolvency/
