Two writ petitions were filed challenging an order passed by the National Company Law Tribunal (NCLT), Mumbai, regarding the withdrawal of the Corporate Insolvency Resolution Process (CIRP) for Gokul Sugar Industries Limited. One petition was filed by a suspended director of the corporate debtor, and the other by a financial creditor, M/s. Mohandas Chhataram.
CIRP was initiated against Gokul Sugar Industries Limited at the behest of M/s. Mohandas Chhataram in May 2024.
The NCLT admitted the corporate debtor into CIRP on 27.06.2024 and appointed an IRP.
Vishal Ganpat Shinde, the suspended director of the corporate debtor, filed an appeal before the NCLAT.
The NCLAT disposed of the appeal on 24.01.2025, granting time to the suspended director to file an application under Section 12-A of the IBC and allowing intervention by banks/financial creditors.
The suspended director did not file an application under Section 12-A.
M/s. Mohandas Chhataram submitted Form FA to the IRP for filing an application for withdrawal of CIRP.
The IRP filed an application under Section 12-A before the NCLT for withdrawal of CIRP.
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CIRP initiated against Gokul Sugar Industries…
NCLT admitted the…
Two writ petitions were filed challenging an order passed by the National Company Law Tribunal (NCLT), Mumbai, regarding the withdrawal of the Corporate Insolvency Resolution Process (CIRP) for Gokul Sugar Industries Limited. One petition was filed by a suspended director of the corporate debtor, and the other by a financial creditor, M/s. Mohandas Chhataram.
CIRP was initiated against Gokul Sugar Industries Limited at the behest of M/s. Mohandas Chhataram in May 2024.
The NCLT admitted the corporate debtor into CIRP on 27.06.2024 and appointed an IRP.
Vishal Ganpat Shinde, the suspended director of the corporate debtor, filed an appeal before the NCLAT.
The NCLAT disposed of the appeal on 24.01.2025, granting time to the suspended director to file an application under Section 12-A of the IBC and allowing intervention by banks/financial creditors.
The suspended director did not file an application under Section 12-A.
M/s. Mohandas Chhataram submitted Form FA to the IRP for filing an application for withdrawal of CIRP.
The IRP filed an application under Section 12-A before the NCLT for withdrawal of CIRP.
…CIRP initiated against Gokul Sugar Industries…
NCLT admitted the…