Court :
Supreme Court of India
Brief :
This appeal is against a judgment and order passed by the National Company Law Appellate Tribunal (NCLAT),whereby the learned Tribunal refused to stay the proceedings initiated by the Respondent, Axis Bank Limited against the Appellant for initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the IBC.
Citation :
The impugned order passed by the Adjudicating Authority (NCLT) and the impugned order passed by the Appellate Authority (NCLAT) dismissing the appeal of the Appellant are set aside. The NCLT shall re-consider the application of the Appellant for stay of further proceedings on merits in accordance with law.
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