Amitha Murlidharan
Bombay High Court Nullifying the national company law tribunal order in January 2018 directed that NCLT has no jurisdiction to examine the validity of actions taken under the Maharashtra Protection of Interest of Depositors (In Financial Establishments), or MPID Act .
Leading with national spot exchange case the NCLT had de-freezed the bank account of Dunar Foods Ltd. Therefor defaulting on a debt of Rs758.73 crore the State Bank of India had initiated proceedings against the company under the Insolvency and Bankruptcy Code, 2016, .
On Challenging the jurisdiction of NCLT order the deputy collector, a competent authority under MPID act moved to Bombay High Court.
National Company Law Tribunal de-freezed Dunar Foods Ltd bank account of. The Mumbai police’s Economic Offences Wing had attached the account in connection with the NSEL case.
The State Bank of India had initiated proceedings against the company under the Insolvency and Bankruptcy Code, 2016, for a defaulting on a debt of Rs758.73 crore.