The Appellants, claiming to be nominal directors of Bhuwalka Steel Industries Ltd., filed a Company Appeal against an order dated 09.07.2025 passed in IA No.122/2022 in CP(IB) No.228/BB/2018. The grievance pertains to directions sought against the Appellants to contribute to the assets of the Corporate Debtor under Sections 66 and 44 of the Insolvency and Bankruptcy Code (IBC), and imposition of a fine under Section 69.
The Appellants claim to be nominal directors of the Corporate Debtor, M/s. Bhuwalka Steel Industries Ltd.
The Appellants filed a Company Appeal against an order dated 09.07.2025 passed in IA No.122/2022 in CP(IB) No.228/BB/2018.
The Resolution Professional filed IA No.122/2022 seeking directions against the Appellants to contribute to the assets of the Corporate Debtor under Sections 66 and 44 of the IBC, and imposition of a fine under Section 69.
The Appellants contended that IA No.122/2022 was barred by limitation.
The Respondent/Applicant argued that the timelines under Regulation 35A are directory and that the delay was protected by the Apex Court's orders and impliedly granted extensions.
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Order passed…
IA No.122/2022 was filed on 18.03.2022 under…
The Appellants, claiming to be nominal directors of Bhuwalka Steel Industries Ltd., filed a Company Appeal against an order dated 09.07.2025 passed in IA No.122/2022 in CP(IB) No.228/BB/2018. The grievance pertains to directions sought against the Appellants to contribute to the assets of the Corporate Debtor under Sections 66 and 44 of the Insolvency and Bankruptcy Code (IBC), and imposition of a fine under Section 69.
The Appellants claim to be nominal directors of the Corporate Debtor, M/s. Bhuwalka Steel Industries Ltd.
The Appellants filed a Company Appeal against an order dated 09.07.2025 passed in IA No.122/2022 in CP(IB) No.228/BB/2018.
The Resolution Professional filed IA No.122/2022 seeking directions against the Appellants to contribute to the assets of the Corporate Debtor under Sections 66 and 44 of the IBC, and imposition of a fine under Section 69.
The Appellants contended that IA No.122/2022 was barred by limitation.
The Respondent/Applicant argued that the timelines under Regulation 35A are directory and that the delay was protected by the Apex Court's orders and impliedly granted extensions.
…Order passed…
IA No.122/2022 was filed on 18.03.2022 under…