Section 60(1) IBC does not confer exclusive jurisdiction on NCLT for insolvency proceedings: Madras High Court

If the IRP of the personal guarantor was completed and bankruptcy proceedings had been initiated before the DRT, no useful purpose would be served by transferring the proceedings to the NCLT, the Court held.
Justice T Raja and Justice D Bharatha Chakravarthy
Justice T Raja and Justice D Bharatha Chakravarthy

The Madras High Court has held that Section 60(1) of the Insolvency and Bankruptcy Code (IBC) does not confer exclusive jurisdiction on the National Company Law Tribunal (NCLT) over insolvency and bankruptcy proceedings for personal guarantors to corporate debtors.

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