Ameya Laboratories Ltd (ALL), the corporate applicant, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process. The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, rejected the application through an order dated August 21, 2017, citing various reasons, including the pendency of winding-up proceedings. The corporate applicant appealed this decision.
Ameya Laboratories Ltd (ALL) filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process. The NCLT Hyderabad rejected the application on August 21, 2017, citing the pendency of winding-up proceedings. The High Court of Andhra Pradesh had already passed an order for winding up the appellant company under Sections 433 and 434 of the Companies Act, 1956, but this order was stayed by a Division Bench due to a pending matter before BIFR. The appellant argued that the Section 10 application was complete and that the winding-up proceedings should not bar the application. The respondent contended that the winding-up proceedings preclude the application under Section 10, citing Section 11(d)
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The National Company Law Tribunal (NCLT),…
Ameya Laboratories Ltd filed an appeal before…
Ameya Laboratories Ltd (ALL), the corporate applicant, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process. The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, rejected the application through an order dated August 21, 2017, citing various reasons, including the pendency of winding-up proceedings. The corporate applicant appealed this decision.
Ameya Laboratories Ltd (ALL) filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process. The NCLT Hyderabad rejected the application on August 21, 2017, citing the pendency of winding-up proceedings. The High Court of Andhra Pradesh had already passed an order for winding up the appellant company under Sections 433 and 434 of the Companies Act, 1956, but this order was stayed by a Division Bench due to a pending matter before BIFR. The appellant argued that the Section 10 application was complete and that the winding-up proceedings should not bar the application. The respondent contended that the winding-up proceedings preclude the application under Section 10, citing Section 11(d)
…The National Company Law Tribunal (NCLT),…
Ameya Laboratories Ltd filed an appeal before…