The case involves an appeal against an order dated 26.02.2021 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which rejected I.A. No. 742/KB/2020 in CP (IB) No. 518/KB/2018 filed by the Resolution Professional (RP). The RP challenged a lease deed executed by the Corporate Debtor in favor of Respondent No. 3, alleging it was a fraudulent transaction intended to defraud creditors. The NCLT rejected the application based on non-compliance with Regulation 35A of the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations, 2016) and Section 46 of the Insolvency and Bankruptcy Code (IBC), 2016.
The Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Balaji Forest Products Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated vide order dated 18.10.2019. The Resolution Professional (RP) was appointed and constituted the Committee of Creditors (CoC). The Ex-Director of the Corporate Debtor did not cooperate with the RP and did not provide relevant documents. The RP filed an application under Section 19(2) of the Code, and the Adjudicating Authority directed the suspended directors to cooperate. The RP initiated 'Contempt Proceedings' against the suspended directors. The suspended directors shared a Lease Deed dated 30th November, 2016, executed by the Corporate Debtor in
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Bank of India filed CP(IB) No. 518/KB/2018…
The Adjudicating Authority admitted CP(IB) No.…
The case involves an appeal against an order dated 26.02.2021 passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which rejected I.A. No. 742/KB/2020 in CP (IB) No. 518/KB/2018 filed by the Resolution Professional (RP). The RP challenged a lease deed executed by the Corporate Debtor in favor of Respondent No. 3, alleging it was a fraudulent transaction intended to defraud creditors. The NCLT rejected the application based on non-compliance with Regulation 35A of the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations, 2016) and Section 46 of the Insolvency and Bankruptcy Code (IBC), 2016.
The Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Sri Balaji Forest Products Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated vide order dated 18.10.2019. The Resolution Professional (RP) was appointed and constituted the Committee of Creditors (CoC). The Ex-Director of the Corporate Debtor did not cooperate with the RP and did not provide relevant documents. The RP filed an application under Section 19(2) of the Code, and the Adjudicating Authority directed the suspended directors to cooperate. The RP initiated 'Contempt Proceedings' against the suspended directors. The suspended directors shared a Lease Deed dated 30th November, 2016, executed by the Corporate Debtor in
…Bank of India filed CP(IB) No. 518/KB/2018…
The Adjudicating Authority admitted CP(IB) No.…