The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Chennai, which excluded 90 days from the Corporate Insolvency Resolution Process (CIRP) period. The appellant, Ajay Agarwal, is the Promoter and one of the Directors of AML Steel and Power Ltd. (Corporate Debtor). The Adjudicating Authority excluded the 90 days due to the company premises being located in a Naxalite-infested area, causing hardship for the Resolution Professional in visiting the premises.
Ajay Agarwal, the Promoter and Director of AML Steel and Power Ltd. (Corporate Debtor), appealed against an order by the Adjudicating Authority (NCLT), Chennai. The NCLT had excluded 90 days from the Corporate Insolvency Resolution Process (CIRP) period of AML Steel and Power Ltd. The exclusion was granted because the company's premises were located in a Naxalite-infested area, causing difficulties for the Resolution Professional (RP) in accessing the site. The Committee of Creditors (CoC) had passed a resolution seeking this exclusion. The Appellate Tribunal noted delays in the selection of a resolution applicant due to lack of financial information and cooperation from the Promoters/Directors, compounded by the security issues. The NCLAT considered the 'Quinn
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The Adjudicating Authority (NCLT) passed the…
The exclusion of 90…
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The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Chennai, which excluded 90 days from the Corporate Insolvency Resolution Process (CIRP) period. The appellant, Ajay Agarwal, is the Promoter and one of the Directors of AML Steel and Power Ltd. (Corporate Debtor). The Adjudicating Authority excluded the 90 days due to the company premises being located in a Naxalite-infested area, causing hardship for the Resolution Professional in visiting the premises.
Ajay Agarwal, the Promoter and Director of AML Steel and Power Ltd. (Corporate Debtor), appealed against an order by the Adjudicating Authority (NCLT), Chennai. The NCLT had excluded 90 days from the Corporate Insolvency Resolution Process (CIRP) period of AML Steel and Power Ltd. The exclusion was granted because the company's premises were located in a Naxalite-infested area, causing difficulties for the Resolution Professional (RP) in accessing the site. The Committee of Creditors (CoC) had passed a resolution seeking this exclusion. The Appellate Tribunal noted delays in the selection of a resolution applicant due to lack of financial information and cooperation from the Promoters/Directors, compounded by the security issues. The NCLAT considered the 'Quinn
…The Adjudicating Authority (NCLT) passed the…
The exclusion of 90…
Sign in to view related legal provisions.