The case involves a writ petition filed in the High Court of Orissa at Cuttack challenging an order dated March 4, 2022, passed by the National Company Law Tribunal (NCLT), Cuttack Bench. The petitioner's counsel argues that the NCLT order, made under Section 95 of the Insolvency and Bankruptcy Code, 2016, initiating insolvency proceedings against the petitioner's client, was done without notice and violates principles of natural justice. The order was made ex-parte.
Vijit Kumar Agrawal filed a writ petition challenging an order by the National Company Law Tribunal (NCLT), Cuttack Bench, dated March 4, 2022. The order was made under Section 95 of the Insolvency and Bankruptcy Code, 2016, initiating insolvency proceedings against Agrawal's client based on an application by the State Bank of India. The order was made without notice to the client. The NCLT appointed a Resolution Professional (RP), Shikhar Chand Jain, under Section 97 of the IBC, based on the bank's proposal. The petitioner argues that this appointment violates principles of natural justice and that Section 97 does not empower the adjudicating authority to nominate an RP solely based on the creditor's proposal. The High Court stayed the NCLT's order pending further
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NCLT, Cuttack Bench, passed an order…
The High Court of Orissa at Cuttack stayed…
The case involves a writ petition filed in the High Court of Orissa at Cuttack challenging an order dated March 4, 2022, passed by the National Company Law Tribunal (NCLT), Cuttack Bench. The petitioner's counsel argues that the NCLT order, made under Section 95 of the Insolvency and Bankruptcy Code, 2016, initiating insolvency proceedings against the petitioner's client, was done without notice and violates principles of natural justice. The order was made ex-parte.
Vijit Kumar Agrawal filed a writ petition challenging an order by the National Company Law Tribunal (NCLT), Cuttack Bench, dated March 4, 2022. The order was made under Section 95 of the Insolvency and Bankruptcy Code, 2016, initiating insolvency proceedings against Agrawal's client based on an application by the State Bank of India. The order was made without notice to the client. The NCLT appointed a Resolution Professional (RP), Shikhar Chand Jain, under Section 97 of the IBC, based on the bank's proposal. The petitioner argues that this appointment violates principles of natural justice and that Section 97 does not empower the adjudicating authority to nominate an RP solely based on the creditor's proposal. The High Court stayed the NCLT's order pending further
…NCLT, Cuttack Bench, passed an order…
The High Court of Orissa at Cuttack stayed…