The case involves an appeal against an order dated 16th February 2018, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench. M/s Shah Brothers Ispat Pvt. Ltd. and M/s Ashok Leyland Limited, both operational creditors, had filed applications to direct the Resolution Professional to allow them to attend the meeting of the Committee of Creditors (CoC). Their grievance was that they were not given notice to attend the CoC meeting despite M/s Shah Brothers Ispat Pvt. Ltd. being owed Rs. 26,44,17,155/- and M/s Ashok Leyland Limited being owed Rs. 15.50 Crores, totaling more than 10% of the aggregate debt.
ANG Industries Ltd. is the corporate debtor. Ilam Chand Kamboj is the Resolution Professional. Shah Brothers Ispat Pvt. Ltd. and Ashok Leyland Limited are operational creditors who filed applications to attend the Committee of Creditors (CoC) meeting. Shah Brothers Ispat Pvt. Ltd. is owed Rs. 26,44,17,155/-, and Ashok Leyland Limited is owed Rs. 15.50 Crores. The Adjudicating Authority directed the Resolution Professional to pass a speaking order on the operational creditors' claim, which the Resolution Professional appealed. The core issue is whether operational creditors should be given notice to attend CoC meetings, even without voting rights, and what the legislative intent is behind allowing certain parties to attend such meetings.
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The Adjudicating Authority (National Company…
Appellate Tribunal order in Rajputana…
The case involves an appeal against an order dated 16th February 2018, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench. M/s Shah Brothers Ispat Pvt. Ltd. and M/s Ashok Leyland Limited, both operational creditors, had filed applications to direct the Resolution Professional to allow them to attend the meeting of the Committee of Creditors (CoC). Their grievance was that they were not given notice to attend the CoC meeting despite M/s Shah Brothers Ispat Pvt. Ltd. being owed Rs. 26,44,17,155/- and M/s Ashok Leyland Limited being owed Rs. 15.50 Crores, totaling more than 10% of the aggregate debt.
ANG Industries Ltd. is the corporate debtor. Ilam Chand Kamboj is the Resolution Professional. Shah Brothers Ispat Pvt. Ltd. and Ashok Leyland Limited are operational creditors who filed applications to attend the Committee of Creditors (CoC) meeting. Shah Brothers Ispat Pvt. Ltd. is owed Rs. 26,44,17,155/-, and Ashok Leyland Limited is owed Rs. 15.50 Crores. The Adjudicating Authority directed the Resolution Professional to pass a speaking order on the operational creditors' claim, which the Resolution Professional appealed. The core issue is whether operational creditors should be given notice to attend CoC meetings, even without voting rights, and what the legislative intent is behind allowing certain parties to attend such meetings.
The Adjudicating Authority (National Company…
Appellate Tribunal order in Rajputana…