For Justice Ashok Iqbal Singh Cheema, the final 10 days of his tenure because the performing chairperson of the National Company Law Appellate Tribunal have been busier than he would have imagined.
Apart from approaching the Supreme Court with a plea difficult the Central authorities’s transfer to chop brief his tenure by 10 days, Justice Cheema has additionally delivered as many as 17 judgments between September 10 and September 20, when he retired.
Justice Cheema had, in his plea mentioned that he must be allowed to finish his time period as he had a number of judgments to ship.
The points determined in these judgments, most of them delivered on Monday, his final day in workplace, vary from as defending the property of the company debtor by asking a former chief govt officer to return the funds to the decision skilled, to holding that if a monetary creditor is a associated celebration to the company debtor, it can’t be made part of the committee of collectors.
In considered one of his remaining judgments, Justice Cheema has additionally held that the debt of a monetary creditor wouldn’t be barred by limitation, and that the company debtor who fails to pay such money owed might be taken to the National Company Law Tribunal.
During his tenure because the performing NCLAT Chairperson, Justice Cheema additionally headed the bench which clarified that procedures below the Insolvency and Bankruptcy Code would maintain priority over different legal guidelines, particularly when the property into consideration would have a fabric affect if allowed to be held by some other company.
Hearing the insolvency proceedings of Sterling SEZ Infrastructure and Sterling Justice Cheema led bench ordered that Enforcement Directorate should vacate its declare on any company property that it has hooked up as soon as a company insolvency course of is initiated in opposition to an organization International Enterprises.
Earlier this month on September 10, Justice Cheema had moved the Supreme Court difficult the central authorities’s transfer to finish his time period because the National Company Law Appellate Tribunal (NCLAT)’s performing chairperson solely 10 days earlier than it was to formally finish of September 20.
The central authorities, after a couple of stern phrases and a nudge from the Supreme Court, relented, and mentioned that Justice Cheema would full his tenure as scheduled, whereas Justice M Venugopal, the newly appointed performing chairperson of the appellate tribunal can be requested to go on go away until September 20.
As he retires, Justice Venugopal, the third performing chairperson of NCLAT, will take over on September 21 and is most probably to operate out of the Chennai bench of the appellate tribunal.
