Srei Infrastructure (P) Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Assam Company India Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Guwahati Bench, admitted the application, passed an order of moratorium, and appointed a Resolution Professional. Aditya Kumar Jajodia, a shareholder and director of the company, challenged the impugned order. Allahabad Bank also filed an appeal against part of the same impugned order.
Srei Infrastructure (P) Limited, acting as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Assam Company India Limited, the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority, specifically the National Company Law Tribunal (NCLT), Guwahati Bench, admitted the application, leading to the imposition of a moratorium and the appointment of a Resolution Professional. Aditya Kumar Jajodia, a shareholder and director of the Corporate Debtor, challenged this order. Jajodia argued that the Financial Creditor had already initiated proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (DRT Act), and the Securitisation and
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The Adjudicating Authority (National Company…
The Appellate Tribunal held that proceedings…
Srei Infrastructure (P) Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Assam Company India Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Guwahati Bench, admitted the application, passed an order of moratorium, and appointed a Resolution Professional. Aditya Kumar Jajodia, a shareholder and director of the company, challenged the impugned order. Allahabad Bank also filed an appeal against part of the same impugned order.
Srei Infrastructure (P) Limited, acting as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Assam Company India Limited, the Corporate Debtor, by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority, specifically the National Company Law Tribunal (NCLT), Guwahati Bench, admitted the application, leading to the imposition of a moratorium and the appointment of a Resolution Professional. Aditya Kumar Jajodia, a shareholder and director of the Corporate Debtor, challenged this order. Jajodia argued that the Financial Creditor had already initiated proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (DRT Act), and the Securitisation and
…The Adjudicating Authority (National Company…
The Appellate Tribunal held that proceedings…