This is an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor, AMW Motos Limited, reached a settlement with the Operational Creditor, Nitin Madhukar Bhate, by 21st October, 2019. The parties informed the Adjudicating Authority about the ongoing settlement negotiations. However, the Adjudicating Authority passed an impugned order dated 22nd October, 2019, admitting the application under Section 9. The Operational Creditor, Nitin Madhukar Bhate, appeared in person and confirmed that he had received the settlement amount.
AMW Motos Limited ('Corporate Debtor') and Nitin Madhukar Bhate ('Operational Creditor') reached a settlement by 21st October 2019. Nitin Madhukar Bhate had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority, Ahmedabad Bench, was informed about the settlement negotiations. However, on 22nd October 2019, the Adjudicating Authority passed an order admitting the application under Section 9. Nitin Madhukar Bhate appeared in person before the NCLAT and confirmed that he had received the settlement amount of Rs. 30,07,188/- from AMW Motors Limited. He also filed an affidavit stating that he had instructed his Advocates to withdraw the proceedings. The Interim Resolution Professional had not yet taken charge. The
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AMW Motos Limited and…
The Adjudicating…
This is an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor, AMW Motos Limited, reached a settlement with the Operational Creditor, Nitin Madhukar Bhate, by 21st October, 2019. The parties informed the Adjudicating Authority about the ongoing settlement negotiations. However, the Adjudicating Authority passed an impugned order dated 22nd October, 2019, admitting the application under Section 9. The Operational Creditor, Nitin Madhukar Bhate, appeared in person and confirmed that he had received the settlement amount.
AMW Motos Limited ('Corporate Debtor') and Nitin Madhukar Bhate ('Operational Creditor') reached a settlement by 21st October 2019. Nitin Madhukar Bhate had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority, Ahmedabad Bench, was informed about the settlement negotiations. However, on 22nd October 2019, the Adjudicating Authority passed an order admitting the application under Section 9. Nitin Madhukar Bhate appeared in person before the NCLAT and confirmed that he had received the settlement amount of Rs. 30,07,188/- from AMW Motors Limited. He also filed an affidavit stating that he had instructed his Advocates to withdraw the proceedings. The Interim Resolution Professional had not yet taken charge. The
…AMW Motos Limited and…
The Adjudicating…