Section 96(1)(b) of I & B Code doesn’t contemplate stay to any future liability

Ashok Mahindru Vs Vivek Parti (NCLAT Delhi) NCLAT Delhi held that Section 96(1)(b) of I&B Code cannot be read to mean that any future liability or obligation is contemplated to be stayed. Thus, stay of proceedings under Section 19(2) and Section 66-67 is not contemplated under Section 96(1)(b) Facts- Proceedings were initiated u/s. 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by order dated 05.09.2019 against the Corporate Debtor – ‘Advance Home and Personal Care Ltd.’. In the proceedings u/s. 9, an application was filed by the IRP under Section 19 sub-section (2)...