Whether the Adjudicating Authority can entertain or dispose of any application on claims by or against the Subsidiary of the Corporate Debtor? Will your answer differ, if the Subsidiary is the Foreign Subsidiary?

Section 60(5) of the Insolvency and Bankruptcy Code states that notwithstanding anything to the contrary contained in any other law for the time being in force, the National Company Law Tribunal shall have jurisdiction to entertain or dispose of - any application or proceeding by or against the corporate debtor or corporate person; any claim made by or against the corporate debtor or corporate person, including claims by or against any of its subsidiaries situated in India; and any question of priorities or any question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corporate person under this Code. As per the provisions mentioned herein above, the National Company Law Tribunal can decide on any claim by or against any subsidiaries of the Corporate Debtor which are located in India. Hence, the NCLT has no jurisdiction to decide on the claim by or against foreign subsidiary of the corporate debtor.