The case involves a Company Appeal (AT) (Insolvency) No. 1434 of 2019 filed by Action Barter Private Limited against an order of the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Mumbai, which admitted the application of SREI Equipment Finance Ltd. (Financial Creditor) against Shree Ram Urban Infrastructure Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appeal was dismissed on February 7, 2020, based on the Supreme Court's decision in 'Forech India Ltd. vs. Edelweiss Assets Reconstruction Co. Ltd.' The current proceedings involve four IAs seeking rectification/clarification/modification of the original judgment.
1. SREI Equipment Finance Ltd. filed an application under Section 7 of the I&B Code against Shree Ram Urban Infrastructure Ltd. (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP).
2. The Adjudicating Authority admitted the application.
3. Action Barter Pvt. Ltd., a shareholder of the Corporate Debtor, challenged the admission order, primarily because a winding-up petition against the Corporate Debtor had already been admitted by the Bombay High Court on October 5, 2016, and an Official Liquidator had been appointed as Provisional Liquidator effective November 15, 2017.
4. The Provisional Liquidator had taken over the assets and properties of the Corporate Debtor on April 17, 2018, and carried out boundary determination on May 1,
Sign in to view the parties.
Winding-up petition against Shree Ram Urban…
Official Liquidator appointed as…
The case involves a Company Appeal (AT) (Insolvency) No. 1434 of 2019 filed by Action Barter Private Limited against an order of the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench, Mumbai, which admitted the application of SREI Equipment Finance Ltd. (Financial Creditor) against Shree Ram Urban Infrastructure Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appeal was dismissed on February 7, 2020, based on the Supreme Court's decision in 'Forech India Ltd. vs. Edelweiss Assets Reconstruction Co. Ltd.' The current proceedings involve four IAs seeking rectification/clarification/modification of the original judgment.
1. SREI Equipment Finance Ltd. filed an application under Section 7 of the I&B Code against Shree Ram Urban Infrastructure Ltd. (Corporate Debtor) seeking initiation of Corporate Insolvency Resolution Process (CIRP).
2. The Adjudicating Authority admitted the application.
3. Action Barter Pvt. Ltd., a shareholder of the Corporate Debtor, challenged the admission order, primarily because a winding-up petition against the Corporate Debtor had already been admitted by the Bombay High Court on October 5, 2016, and an Official Liquidator had been appointed as Provisional Liquidator effective November 15, 2017.
4. The Provisional Liquidator had taken over the assets and properties of the Corporate Debtor on April 17, 2018, and carried out boundary determination on May 1,
Winding-up petition against Shree Ram Urban…
Official Liquidator appointed as…