This is an interlocutory application before the National Company Law Appellate Tribunal (NCLAT) concerning Company Appeal (AT) (Insolvency) No. 612 of 2019. The application seeks clarification of a judgment dated August 28, 2019, specifically regarding the payment of dues by 'Promoters,' 'Shareholders,' or 'Directors.' The core issue revolves around whether these payments should be made from their individual accounts or from the 'proceeds of crime.'
Andhra Bank is the appellant in Company Appeal (AT) (Insolvency) No. 612 of 2019. Sterling Biotech Ltd. (through the liquidator) & Ors. are the respondents. An interlocutory application (No. 2787 of 2019) has been filed seeking clarification of a judgment dated August 28, 2019. The clarification pertains to whether 'Promoters,' 'Shareholders,' or 'Directors' should pay dues from their individual accounts or from 'proceeds of crime.' The application also seeks clarity on the authority overseeing these payments and the consequences of non-compliance with Section 12A application within 30 days, including the potential reversion to the 'Liquidation' stage. The learned counsel for Resolution Professional/Liquidator and Promoter are present.
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This is an interlocutory application before the National Company Law Appellate Tribunal (NCLAT) concerning Company Appeal (AT) (Insolvency) No. 612 of 2019. The application seeks clarification of a judgment dated August 28, 2019, specifically regarding the payment of dues by 'Promoters,' 'Shareholders,' or 'Directors.' The core issue revolves around whether these payments should be made from their individual accounts or from the 'proceeds of crime.'
Andhra Bank is the appellant in Company Appeal (AT) (Insolvency) No. 612 of 2019. Sterling Biotech Ltd. (through the liquidator) & Ors. are the respondents. An interlocutory application (No. 2787 of 2019) has been filed seeking clarification of a judgment dated August 28, 2019. The clarification pertains to whether 'Promoters,' 'Shareholders,' or 'Directors' should pay dues from their individual accounts or from 'proceeds of crime.' The application also seeks clarity on the authority overseeing these payments and the consequences of non-compliance with Section 12A application within 30 days, including the potential reversion to the 'Liquidation' stage. The learned counsel for Resolution Professional/Liquidator and Promoter are present.
Date of the j…
NCLAT issues n…