The case involves a writ petition challenging the jurisdiction of the NCLT to hear an avoidance application under Section 43 of the IBC after the approval of a resolution plan. The Corporate Debtor, Bhushan Steel Ltd. (now Tata Steel BSL Ltd.), underwent CIRP initiated by State Bank of India. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was formed. Tata Steel Ltd.'s resolution plan was approved by the CoC and filed with the NCLT. Subsequently, an avoidance application was filed by the RP, alleging suspect transactions, including those with the Petitioner, Venus Recruiters. The NCLT impleaded the Petitioner in the avoidance proceedings, which the Petitioner challenges, arguing the NCLT lacks jurisdiction after resolution
…M/s Venus Recruiters Private Limited filed a writ petition seeking to declare proceedings before the National Company Law Tribunal (NCLT) as void. The proceedings relate to C.A.No.284(PB)/2018 in C.P.No. IB(201)PB/2017. The Corporate Debtor, M/s Bhushan Steel Ltd. (now Tata Steel BSL Ltd.), was subject to Corporate Insolvency Resolution Process (CIRP) before the NCLT, initiated by the State Bank of India. Mr. Vijay Kumar Iyer was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted, and its first meeting was held on 24th August, 2017. On 20th March, 2018, the CoC approved the Resolution Plan proposed by Tata Steel Ltd. On 9th April, 2018, the RP filed an avoidance application under Section 25(2)(j), Sections 43 to 51
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The case involves a writ petition challenging the jurisdiction of the NCLT to hear an avoidance application under Section 43 of the IBC after the approval of a resolution plan. The Corporate Debtor, Bhushan Steel Ltd. (now Tata Steel BSL Ltd.), underwent CIRP initiated by State Bank of India. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was formed. Tata Steel Ltd.'s resolution plan was approved by the CoC and filed with the NCLT. Subsequently, an avoidance application was filed by the RP, alleging suspect transactions, including those with the Petitioner, Venus Recruiters. The NCLT impleaded the Petitioner in the avoidance proceedings, which the Petitioner challenges, arguing the NCLT lacks jurisdiction after resolution
…M/s Venus Recruiters Private Limited filed a writ petition seeking to declare proceedings before the National Company Law Tribunal (NCLT) as void. The proceedings relate to C.A.No.284(PB)/2018 in C.P.No. IB(201)PB/2017. The Corporate Debtor, M/s Bhushan Steel Ltd. (now Tata Steel BSL Ltd.), was subject to Corporate Insolvency Resolution Process (CIRP) before the NCLT, initiated by the State Bank of India. Mr. Vijay Kumar Iyer was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted, and its first meeting was held on 24th August, 2017. On 20th March, 2018, the CoC approved the Resolution Plan proposed by Tata Steel Ltd. On 9th April, 2018, the RP filed an avoidance application under Section 25(2)(j), Sections 43 to 51
…Agreement entered into…
Application for…