This case involves a challenge to the Impugned Order dated 17.08.2020, passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, which allowed I.A. 715 of 2019 seeking liquidation under Section 34(1) of the Insolvency and Bankruptcy Code, 2016. The appellants are challenging the order, arguing that the insolvency application was filed after the limitation period and that the corporate debtor should have been given the opportunity to register as an MSME to avail exemptions under Section 240A of the Code.
The case revolves around the insolvency of Kaneri Granito Limited. The Corporate Debtor was declared as NPA on 30.03.2015. An insolvency application under Section 7 of the Code was filed on 03.07.2018. The NCLT, Ahmedabad Bench, passed an order on 17.08.2020 allowing liquidation of the Corporate Debtor. The appellants challenged this order, arguing that the application was time-barred and that the Corporate Debtor should have been given the opportunity to register as an MSME to avail exemptions under Section 240A of the Code. The CoC approved the resolution for liquidation with a majority of 88.44% during the e-voting held on 09.10.2019. The MSME notification was issued on 26.06.2020, and the appellants argued that the Corporate Debtor fell under the new MSME
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Kaneri Granito Limited…
An insolvency application…
This case involves a challenge to the Impugned Order dated 17.08.2020, passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, which allowed I.A. 715 of 2019 seeking liquidation under Section 34(1) of the Insolvency and Bankruptcy Code, 2016. The appellants are challenging the order, arguing that the insolvency application was filed after the limitation period and that the corporate debtor should have been given the opportunity to register as an MSME to avail exemptions under Section 240A of the Code.
The case revolves around the insolvency of Kaneri Granito Limited. The Corporate Debtor was declared as NPA on 30.03.2015. An insolvency application under Section 7 of the Code was filed on 03.07.2018. The NCLT, Ahmedabad Bench, passed an order on 17.08.2020 allowing liquidation of the Corporate Debtor. The appellants challenged this order, arguing that the application was time-barred and that the Corporate Debtor should have been given the opportunity to register as an MSME to avail exemptions under Section 240A of the Code. The CoC approved the resolution for liquidation with a majority of 88.44% during the e-voting held on 09.10.2019. The MSME notification was issued on 26.06.2020, and the appellants argued that the Corporate Debtor fell under the new MSME
…Kaneri Granito Limited…
An insolvency application…