The Ld. National Company Law Appellant Tribunal while interpreting Sub-section (1) of Section 60 of the Insolvency and Bankruptcy Code, 2016 (I&B Code 2016), held that NCLT where the registered office of the corporate debtor is situated will have the jurisdiction to entertain the insolvency proceedings.
The said ratio was delivered by the National Company Law Appellant Tribunal in the matter of Spectrum Voyages Pvt. Ltd. Vs. Fortis Healthcare Ltd., CA(AT)(Insolvency) No. 409/2018 decided on 04.10.2018.
The issue before the Ld. Tribunal was that whether the territorial jurisdiction under section 60 of the I&B Code is as per the registered office of operational creditor or as per the registered office of the corporate person/ debtor.
The National Company Law Appellant Tribunal while interpreting Section 60 of the I&B Code 2016, observed that the Adjudicating Authority in relation to ‘insolvency resolution and liquidation for corporate persons including corporate debtors and personal guarantors thereof’ shall be the National Company Law Tribunal having territorial jurisdiction, where the registered office of the corporate person/ corporate debtor is located. The NCALT rejected the plea that the jurisdiction is based where the registered office of creditor is situated.