The Appellant, Malavika Hedge, challenges the Impugned Order rendered in CP(IB) No.152/BB/2023, which admitted the application for initiation of CIRP under Section 7 of the I & B Code filed by the Respondent, IDBI Trusteeship Services Ltd.
The Appellant challenges the Impugned Order admitting the CIRP application.
The CIRP application was filed under Section 7 of the I&B Code.
The Appellant argues non-compliance with Clause 10 of the Debenture Trust Deed.
Clause 10 requires consent from Debenture Holders before taking action.
The Respondent's Rejoinder lacked specific denial regarding compliance with Clause 10.1(b).
A Director's resolution was passed on 02.02.2024 ratifying the Debenture Trustee's action.
The resolution was passed after the initiation of proceedings under Section 7.
The Tribunal noted that the subsequent ratification cannot justify the satisfaction of the condition contained under Clause 10.1(b) of the Trust Deed.
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Proceedings under…
A Director's resolution…
The Appellant, Malavika Hedge, challenges the Impugned Order rendered in CP(IB) No.152/BB/2023, which admitted the application for initiation of CIRP under Section 7 of the I & B Code filed by the Respondent, IDBI Trusteeship Services Ltd.
The Appellant challenges the Impugned Order admitting the CIRP application.
The CIRP application was filed under Section 7 of the I&B Code.
The Appellant argues non-compliance with Clause 10 of the Debenture Trust Deed.
Clause 10 requires consent from Debenture Holders before taking action.
The Respondent's Rejoinder lacked specific denial regarding compliance with Clause 10.1(b).
A Director's resolution was passed on 02.02.2024 ratifying the Debenture Trustee's action.
The resolution was passed after the initiation of proceedings under Section 7.
The Tribunal noted that the subsequent ratification cannot justify the satisfaction of the condition contained under Clause 10.1(b) of the Trust Deed.
Proceedings under…
A Director's resolution…