The Tribunal viewed that when section 42 of the code provided a clear remedy against the rejection or acceptance of the claims by the liquidator which has not been availed of, the Appellant cannot now seek the same relief by invoking the provisions of 60(5) of the code
The National Company Law Appellate Tribunal (NCLAT) has held that relief under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (Code) cannot be claimed against rejection of claims by the liquidator when the remedy provided under section 42 of the code against such decision has not been resorted to.
On June 14, 2017, M/s Varun Resources Ltd., the corporate debtor, was admitted to the Corporate Insolvency Resolution Proceeding (CIRP). From July 23–27, 2017,…
