NCLT cannot exercise jurisdiction over every issue concerning corporate debtor merely because it is undergoing insolvency; only those issues which arise solely out of insolvency can be adjudicated under section 60(5)(c). Deposit made in Court for stay of decree ceases to be the asset of corporate debtor; hence, such amount is unaffected by moratorium, and judgment creditor can withdraw the same. Held that NCLT is a statutory Tribunal with jurisdiction confined to matters conferred by IBC. Unlike civil courts under CPC, it has no general jurisdiction and cannot sit in appeal over decrees of civil courts. Amount deposited in Court by judgment debtor before CIRP does not remain property of the debtor; therefore, moratorium under section 14 does not bar withdrawal by decree holder.
Reliance Communication Ltd. v. Rajendra P. Bansal [2023] 146 taxmann.com 156 / 177 SCL 68 / 237 Comp Case 30 (Bom)(HC)
Insolvency and Bankruptcy Code, 2016
S. 14 : Corporate Insolvency Resolution Process-Moratorium-Jurisdiction of NCLT-NCLT cannot exercise jurisdiction over every issue concerning corporate debtor simply because corporate debtor is in insolvency, it is only those issues which arise solely out of insolvency of corporate debtor that can be adjudicated upon by NCLT under section 60(5)(c) [S. 60(5), Code of Civil Procedure, 1908, S.60]
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