The writ petition was filed by Platino Classic Motors India Pvt. Ltd., a BMW car dealer in Kerala, challenging Exhibits P-7, P-8, P-9, and P-10 orders. The Federal Bank of India initiated corporate insolvency resolution process (CIRP) against the petitioner under Section 7(4) of the Insolvency and Bankruptcy Code, 2016 (IBC). The National Company Law Tribunal (NCLT), Cochin, admitted the application on 08.03.2021 and appointed an Interim Resolution Professional (IRP). The resolution plans submitted were rejected by the Committee of Creditors (CoC). Subsequently, the CoC sought a direction from NCLT, Cochin, for liquidation of the petitioner company. An order of liquidation was passed on 30.09.2022 under Section 33 of the IBC, appointing the IRP as the Liquidator. The
…Platino Classic Motors India Pvt. Ltd., a BMW car dealer, faced corporate insolvency resolution process initiated by The Federal Bank of India under Section 7(4) of the IBC. The NCLT admitted the application on 08.03.2021 and appointed an IRP. Resolution plans were rejected, leading to a liquidation order on 30.09.2022. The Liquidator received claims from the 1st respondent. The petitioner challenged Exhibits P-7 to P-10 orders, arguing they were issued after the moratorium commenced and without giving them a hearing opportunity. The respondent countered that notice was issued, a reply was filed, and a representative was heard. The orders in question are assessment orders under the CGST/SGST Act. The key fact is whether the assessment proceedings could continue despite
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The National Company Law Tribunal (NCLT),…
An Interim Resolution Professional (IRP) was…
The writ petition was filed by Platino Classic Motors India Pvt. Ltd., a BMW car dealer in Kerala, challenging Exhibits P-7, P-8, P-9, and P-10 orders. The Federal Bank of India initiated corporate insolvency resolution process (CIRP) against the petitioner under Section 7(4) of the Insolvency and Bankruptcy Code, 2016 (IBC). The National Company Law Tribunal (NCLT), Cochin, admitted the application on 08.03.2021 and appointed an Interim Resolution Professional (IRP). The resolution plans submitted were rejected by the Committee of Creditors (CoC). Subsequently, the CoC sought a direction from NCLT, Cochin, for liquidation of the petitioner company. An order of liquidation was passed on 30.09.2022 under Section 33 of the IBC, appointing the IRP as the Liquidator. The
…Platino Classic Motors India Pvt. Ltd., a BMW car dealer, faced corporate insolvency resolution process initiated by The Federal Bank of India under Section 7(4) of the IBC. The NCLT admitted the application on 08.03.2021 and appointed an IRP. Resolution plans were rejected, leading to a liquidation order on 30.09.2022. The Liquidator received claims from the 1st respondent. The petitioner challenged Exhibits P-7 to P-10 orders, arguing they were issued after the moratorium commenced and without giving them a hearing opportunity. The respondent countered that notice was issued, a reply was filed, and a representative was heard. The orders in question are assessment orders under the CGST/SGST Act. The key fact is whether the assessment proceedings could continue despite
…The National Company Law Tribunal (NCLT),…
An Interim Resolution Professional (IRP) was…