The Writ Petition was filed by the Petitioner seeking to set aside the NCLT order dated 2024-06-19, which admitted a petition under Section 9 of the Code and commenced the corporate insolvency resolution process (CIRP) of Hyosung India Private Limited (Corporate Debtor) at the behest of Respondent No. 2, You Seung Sang Sa India Construction Private Limited (Operational Creditor). The Operational Creditor is also under CIRP. Nipan Bansal was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.
The Petitioner, Chang Ho Lee, filed a Writ Petition seeking to set aside the NCLT order dated 2024-06-19, which initiated CIRP against Hyosung India Private Limited (Corporate Debtor) based on a petition filed by You Seung Sang Sa India Construction Private Limited (Operational Creditor). The Operational Creditor is also under CIRP. Nipan Bansal was appointed as the IRP. The Corporate Debtor made payments of Rs. 7,00,00,000 to Respondent No. 2, Rs. 1,35,00,000 to Respondent No. 6, and Rs. 3,00,000 to Respondent No. 3 for CIRP costs. The payments were made to settle all claims. The Economic Offences Wing clarified that it would not impose any injunction against the Corporate Debtor from making payments to Respondent Nos. 2 or 6. The NCLT order was set aside, and the
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NCLT passed an order admitting the petition…
Respondent No. 3 issued a public notice…
The Writ Petition was filed by the Petitioner seeking to set aside the NCLT order dated 2024-06-19, which admitted a petition under Section 9 of the Code and commenced the corporate insolvency resolution process (CIRP) of Hyosung India Private Limited (Corporate Debtor) at the behest of Respondent No. 2, You Seung Sang Sa India Construction Private Limited (Operational Creditor). The Operational Creditor is also under CIRP. Nipan Bansal was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor.
The Petitioner, Chang Ho Lee, filed a Writ Petition seeking to set aside the NCLT order dated 2024-06-19, which initiated CIRP against Hyosung India Private Limited (Corporate Debtor) based on a petition filed by You Seung Sang Sa India Construction Private Limited (Operational Creditor). The Operational Creditor is also under CIRP. Nipan Bansal was appointed as the IRP. The Corporate Debtor made payments of Rs. 7,00,00,000 to Respondent No. 2, Rs. 1,35,00,000 to Respondent No. 6, and Rs. 3,00,000 to Respondent No. 3 for CIRP costs. The payments were made to settle all claims. The Economic Offences Wing clarified that it would not impose any injunction against the Corporate Debtor from making payments to Respondent Nos. 2 or 6. The NCLT order was set aside, and the
…NCLT passed an order admitting the petition…
Respondent No. 3 issued a public notice…