The case involves a writ petition filed by Surendra Sabbineni against Siemens Financial Services Pvt. Ltd. and another, challenging an order passed by the National Company Law Tribunal (NCLT), Cuttack Bench. The NCLT order, dated March 23, 2022, was made in an application under section 95 of the Insolvency and Bankruptcy Code, 2016, initiated by the bank against the petitioner for insolvency proceedings. The petitioner contends that the order was passed without notice and violates principles of natural justice.
Surendra Sabbineni filed a writ petition against Siemens Financial Services Pvt. Ltd. challenging an order by NCLT Cuttack. The NCLT order, dated March 23, 2022, was issued under Section 95 of the Insolvency and Bankruptcy Code, 2016, initiating insolvency proceedings against Sabbineni based on an application by Siemens Financial Services. Sabbineni claims the order was ex-parte and violated natural justice principles. The NCLT order appointed Mr. Umesh Chandra Sahoo as the Resolution Professional (RP) under Section 97, based on the proposal of Siemens Financial Services. The High Court is examining whether Section 97 allows the adjudicating authority to appoint an RP solely based on the creditor's proposal. The impugned order is stayed until the next hearing.
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NCLT, Cuttack Bench, passed an order under…
The High Court issued a stay on the NCLT order…
The case involves a writ petition filed by Surendra Sabbineni against Siemens Financial Services Pvt. Ltd. and another, challenging an order passed by the National Company Law Tribunal (NCLT), Cuttack Bench. The NCLT order, dated March 23, 2022, was made in an application under section 95 of the Insolvency and Bankruptcy Code, 2016, initiated by the bank against the petitioner for insolvency proceedings. The petitioner contends that the order was passed without notice and violates principles of natural justice.
Surendra Sabbineni filed a writ petition against Siemens Financial Services Pvt. Ltd. challenging an order by NCLT Cuttack. The NCLT order, dated March 23, 2022, was issued under Section 95 of the Insolvency and Bankruptcy Code, 2016, initiating insolvency proceedings against Sabbineni based on an application by Siemens Financial Services. Sabbineni claims the order was ex-parte and violated natural justice principles. The NCLT order appointed Mr. Umesh Chandra Sahoo as the Resolution Professional (RP) under Section 97, based on the proposal of Siemens Financial Services. The High Court is examining whether Section 97 allows the adjudicating authority to appoint an RP solely based on the creditor's proposal. The impugned order is stayed until the next hearing.
NCLT, Cuttack Bench, passed an order under…
The High Court issued a stay on the NCLT order…