The Appellants, who were the opposite parties in IA(IBC)/913(CHE)/2025 preferred in CP(IB)/263(CHE)/2022 before NCLT, Chennai, challenged an order related to CIRP proceedings initiated against M/s. Orion Water Treatment Private Limited.
CIRP proceedings were initiated against M/s. Orion Water Treatment Private Limited under Section 10 of the I&B Code.
The Interim Resolution Professional (IRP) sought possession of the Corporate Debtor's assets, including inventories and cash balance.
The Appellants, who were the opposite parties in the IA, were directed to cooperate with the IRP and hand over the assets.
The Appellants contended that they should be allowed to hand over only symbolic possession of the assets.
The NCLT ruled in favor of the IRP, directing the Appellants to hand over actual possession.
The Appellants filed an appeal against the NCLT's order.
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CIRP order was passed,…
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The Appellants, who were the opposite parties in IA(IBC)/913(CHE)/2025 preferred in CP(IB)/263(CHE)/2022 before NCLT, Chennai, challenged an order related to CIRP proceedings initiated against M/s. Orion Water Treatment Private Limited.
CIRP proceedings were initiated against M/s. Orion Water Treatment Private Limited under Section 10 of the I&B Code.
The Interim Resolution Professional (IRP) sought possession of the Corporate Debtor's assets, including inventories and cash balance.
The Appellants, who were the opposite parties in the IA, were directed to cooperate with the IRP and hand over the assets.
The Appellants contended that they should be allowed to hand over only symbolic possession of the assets.
The NCLT ruled in favor of the IRP, directing the Appellants to hand over actual possession.
The Appellants filed an appeal against the NCLT's order.
CIRP order was passed,…
Date of t…
Sign in to view related legal provisions.