This case involves an appeal against the order dated 4th September, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Chennai Bench, in Company Petition No. 551(IB)/CB/2017. The appeal was preferred by Mr. Ajay Agarwal, Director/shareholder of M/s. Ashok Magnetics Limited (‘Corporate Debtor’). The application was preferred by the Respondents, Central Bank of India and State Bank of India, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application, passed an order of moratorium, and appointed an Interim Resolution Professional.
Mr. Ajay Agarwal, Director/shareholder of M/s. Ashok Magnetics Limited (‘Corporate Debtor’), filed an appeal against the order dated 4th September, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Chennai Bench, in Company Petition No. 551(IB)/CB/2017. The Central Bank of India and State Bank of India, the respondents, initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor. The Adjudicating Authority admitted the application, passed an order of moratorium, and appointed an Interim Resolution Professional. The appellant argued that there was a 'mismatch of figures and dates of default' in the application. The State Bank of India accepted that the outstanding amount was
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This case involves an appeal against the order dated 4th September, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Chennai Bench, in Company Petition No. 551(IB)/CB/2017. The appeal was preferred by Mr. Ajay Agarwal, Director/shareholder of M/s. Ashok Magnetics Limited (‘Corporate Debtor’). The application was preferred by the Respondents, Central Bank of India and State Bank of India, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application, passed an order of moratorium, and appointed an Interim Resolution Professional.
Mr. Ajay Agarwal, Director/shareholder of M/s. Ashok Magnetics Limited (‘Corporate Debtor’), filed an appeal against the order dated 4th September, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Chennai Bench, in Company Petition No. 551(IB)/CB/2017. The Central Bank of India and State Bank of India, the respondents, initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor. The Adjudicating Authority admitted the application, passed an order of moratorium, and appointed an Interim Resolution Professional. The appellant argued that there was a 'mismatch of figures and dates of default' in the application. The State Bank of India accepted that the outstanding amount was
…The Adjudicating Authority (National Company…
The National Company Law Appellate Tribunal…