The case involves an appeal against an order dated 2021-05-31 passed by the National Company Law Tribunal (NCLT), New Delhi, which dismissed an application (I.A. No. 4971 of 2020) filed by the Appellant under Section 65 of the Insolvency & Bankruptcy Code, 2016. The NCLT dismissed the application on the grounds that it was maintainable only after the main petition was admitted and the Corporate Insolvency Resolution Process (CIRP) was initiated. The brief facts are that Sundrm Consultants Pvt. Ltd. filed an application under Section 7 of the Code against Three C Properties Pvt. Ltd. (Corporate Debtor) for the resolution of an amount of Rs. 5 Crore. During the pendency of this application, the Appellant (Ashmeet Singh Bhatia), a homebuyer in one of the companies of
…Sundrm Consultants Pvt. Ltd. initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Three C Properties Pvt. Ltd. (Corporate Debtor) for a debt of Rs. 5 Crore. Ashmeet Singh Bhatia, a homebuyer in one of the Corporate Debtor's companies (Granite Gate Properties Pvt. Ltd., which was already undergoing CIRP), filed an application (I.A. No. 4971 of 2020) under Section 65 of the IBC, seeking various directions, including impleadment and dismissal of the company petition, alleging malicious intent. The NCLT dismissed Bhatia's application, stating it was only maintainable after the main petition was admitted and CIRP initiated. Bhatia appealed this decision, arguing the NCLT misinterpreted 'initiation' under Section 65. The key fact is the
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The National Company Law Tribunal, New Delhi,…
Granite Gate Properties Pvt. Ltd., a company…
The case involves an appeal against an order dated 2021-05-31 passed by the National Company Law Tribunal (NCLT), New Delhi, which dismissed an application (I.A. No. 4971 of 2020) filed by the Appellant under Section 65 of the Insolvency & Bankruptcy Code, 2016. The NCLT dismissed the application on the grounds that it was maintainable only after the main petition was admitted and the Corporate Insolvency Resolution Process (CIRP) was initiated. The brief facts are that Sundrm Consultants Pvt. Ltd. filed an application under Section 7 of the Code against Three C Properties Pvt. Ltd. (Corporate Debtor) for the resolution of an amount of Rs. 5 Crore. During the pendency of this application, the Appellant (Ashmeet Singh Bhatia), a homebuyer in one of the companies of
…Sundrm Consultants Pvt. Ltd. initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Three C Properties Pvt. Ltd. (Corporate Debtor) for a debt of Rs. 5 Crore. Ashmeet Singh Bhatia, a homebuyer in one of the Corporate Debtor's companies (Granite Gate Properties Pvt. Ltd., which was already undergoing CIRP), filed an application (I.A. No. 4971 of 2020) under Section 65 of the IBC, seeking various directions, including impleadment and dismissal of the company petition, alleging malicious intent. The NCLT dismissed Bhatia's application, stating it was only maintainable after the main petition was admitted and CIRP initiated. Bhatia appealed this decision, arguing the NCLT misinterpreted 'initiation' under Section 65. The key fact is the
…The National Company Law Tribunal, New Delhi,…
Granite Gate Properties Pvt. Ltd., a company…