The case involves an appeal against an interim order of liquidation passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) before the completion of 180 days in a Corporate Insolvency Resolution Process initiated against Dharam Paul Metal Pvt. Ltd. The Resolution Professional, Ajay Kumar, faced non-cooperation from the promoters of the Corporate Debtor, hindering his ability to take control and proceed with the liquidation process. The Committee of Creditors proposed liquidation without seeking an extension despite the promoters' non-cooperation.
On 2019-07-11, the Corporate Insolvency Resolution Process was initiated against Dharam Paul Metal Pvt. Ltd. The Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) passed an interim order of liquidation before the completion of 180 days. The promoters of Dharam Paul Metal Pvt. Ltd. did not cooperate and failed to hand over the records of the company. The Resolution Professional, Ajay Kumar, faced difficulties in taking control of the Corporate Debtor due to the lack of cooperation. The Committee of Creditors proposed liquidation without requesting an extension of the resolution period. The 1st Respondent, Shree Sai Industries Pvt. Ltd., is the Operational Creditor and not a member of the Committee of Creditors. The Adjudicating Authority prematurely
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Corporate Insolvency…
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The case involves an appeal against an interim order of liquidation passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) before the completion of 180 days in a Corporate Insolvency Resolution Process initiated against Dharam Paul Metal Pvt. Ltd. The Resolution Professional, Ajay Kumar, faced non-cooperation from the promoters of the Corporate Debtor, hindering his ability to take control and proceed with the liquidation process. The Committee of Creditors proposed liquidation without seeking an extension despite the promoters' non-cooperation.
On 2019-07-11, the Corporate Insolvency Resolution Process was initiated against Dharam Paul Metal Pvt. Ltd. The Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) passed an interim order of liquidation before the completion of 180 days. The promoters of Dharam Paul Metal Pvt. Ltd. did not cooperate and failed to hand over the records of the company. The Resolution Professional, Ajay Kumar, faced difficulties in taking control of the Corporate Debtor due to the lack of cooperation. The Committee of Creditors proposed liquidation without requesting an extension of the resolution period. The 1st Respondent, Shree Sai Industries Pvt. Ltd., is the Operational Creditor and not a member of the Committee of Creditors. The Adjudicating Authority prematurely
…Corporate Insolvency…
The Adjudicating…
Sign in to view related legal provisions.