M/s Systemtek India Private Limited (Appellant-Corporate Debtor) has challenged the order dated 3rd July 2017 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Mumbai, in the National Company Law Appellate Tribunal (NCLAT).
NCLT had admitted the application preferred by the appellant under Section 10 of the Insolvency and Bankruptcy Code, 2016, and order of Moratorium was passed and Insolvency Resolution Professional was ordered to be appointed by the Ld. Adjudicating Authority (NCLT).
The only grievance of the appellant in its challenge is that the movable and immovable property of the Guarantor (promoter) has been attached pursuant to a Corporate Insolvency Resolution Process initiated under section 10 against the Appellant by the Ltd. Adjudicating Authority (NCLT) which is violative of section 14(1)(c) of the Insolvency and Bankruptcy Code, 2016 though the Code prescribes a Moratorium for certain types of transactions. Decide.

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