The case involves two appeals (Company Appeal (AT) (Insolvency) No. 792 of 2018 and Company Appeal (AT) (Insolvency) No. 793 of 2018) filed by Ajay Agarwal & Anr. against orders passed by the Adjudicating Authority (National Company Law Tribunal), Chennai. The Adjudicating Authority had rejected a resolution plan submitted by the appellants and ordered the liquidation of Ashok Magnetics Limited (Corporate Debtor). The appellants argued that Ashok Magnetics Limited, being a Small Scale Industry, should not have its promoters deemed ineligible under Section 29A for filing a resolution plan, referencing Section 240A of the I&B Code. The Committee of Creditors (CoC) had rejected the resolution plan, finding it not feasible.
Ajay Agarwal & Anr. filed appeals against orders of the Adjudicating Authority (NCLT, Chennai) in MA No. 478/2018 and MA No. 163/2018. The Adjudicating Authority rejected the resolution plan submitted by Ajay Agarwal & Anr., who were members of the Board of Directors, and ordered the liquidation of Ashok Magnetics Limited (Corporate Debtor). The appellants argued that Ashok Magnetics Limited, being a Small Scale Industry, should not have its promoters deemed ineligible under Section 29A for filing a resolution plan, referencing Section 240A of the I&B Code. The Committee of Creditors (CoC) rejected the resolution plan, finding it not feasible. The CoC considered two resolution plans, including one submitted by the Appellants, but voted against them. The
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The case involves two appeals (Company Appeal (AT) (Insolvency) No. 792 of 2018 and Company Appeal (AT) (Insolvency) No. 793 of 2018) filed by Ajay Agarwal & Anr. against orders passed by the Adjudicating Authority (National Company Law Tribunal), Chennai. The Adjudicating Authority had rejected a resolution plan submitted by the appellants and ordered the liquidation of Ashok Magnetics Limited (Corporate Debtor). The appellants argued that Ashok Magnetics Limited, being a Small Scale Industry, should not have its promoters deemed ineligible under Section 29A for filing a resolution plan, referencing Section 240A of the I&B Code. The Committee of Creditors (CoC) had rejected the resolution plan, finding it not feasible.
Ajay Agarwal & Anr. filed appeals against orders of the Adjudicating Authority (NCLT, Chennai) in MA No. 478/2018 and MA No. 163/2018. The Adjudicating Authority rejected the resolution plan submitted by Ajay Agarwal & Anr., who were members of the Board of Directors, and ordered the liquidation of Ashok Magnetics Limited (Corporate Debtor). The appellants argued that Ashok Magnetics Limited, being a Small Scale Industry, should not have its promoters deemed ineligible under Section 29A for filing a resolution plan, referencing Section 240A of the I&B Code. The Committee of Creditors (CoC) rejected the resolution plan, finding it not feasible. The CoC considered two resolution plans, including one submitted by the Appellants, but voted against them. The
…The Adjudicating Authority (National Company Law…
The Appellants preferred appeals against the…