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Declaration of moratorium will not cause stay of proceedings beneficial to corporate debtor: HC

January 15, 2019[2019] 101 taxmann.com 186 (Himachal Pradesh)
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IBBC : Interim order was passed by Appellate Tribunal under sections 241, read with section 242 of the Companies Act, 2013 which prohibited proceedings against IL&FS (corporate debtor) and its 348 Group Companies, which restrained any kind of recovery from IL&FS herein, but not proceedings beneficial to IL&FS, entitling it for recovering any amount from other parties

• It is explicit from interim order so passed that though moratorium has not been declared with respect to respondent company, but interim directions are identical to provisions of section 14 of IBC. Therefore, principle that declaration of moratorium will not cause to stay proceedings beneficial to corporate debtor, are also applicable in instant case.

• Hence, interim order will not be applicable in instant proceedings as sine die adjournent of present proceedings will have adverse effect on interest of corporate debtor. Therefore, application filed by petitioner seeking sine die adjournment of present case was to be dismissed.

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