The appeal was filed by the shareholder of M/s Reacon Engineers (India) Pvt. Ltd. against the order dated December 5, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which admitted the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) filed by Diamond Steel Enterprise (Operational Creditor) against M/s Reacon Engineers (India) Pvt. Ltd. (Corporate Debtor). The appellant argued that a settlement had been reached prior to the constitution of the Committee of Creditors.
Diamond Steel Enterprise filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s Reacon Engineers (India) Pvt. Ltd. The Adjudicating Authority admitted the application on December 5, 2018. Avishek Roy, a shareholder of M/s Reacon Engineers (India) Pvt. Ltd., filed an appeal against this order. The appellant claimed that a settlement had been reached with Diamond Steel Enterprise prior to the constitution of the Committee of Creditors. The appellant had prepared a draft for Rs.15,78,762 on December 18, 2018, and another draft for Rs.6,21,238 on December 27, 2018. A 'Deed of Settlement' was reached on December 26, 2018. The Committee of Creditors was constituted on December 28, 2018. The appellant argued that the settlement should be
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The appeal was filed by the shareholder of M/s Reacon Engineers (India) Pvt. Ltd. against the order dated December 5, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which admitted the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) filed by Diamond Steel Enterprise (Operational Creditor) against M/s Reacon Engineers (India) Pvt. Ltd. (Corporate Debtor). The appellant argued that a settlement had been reached prior to the constitution of the Committee of Creditors.
Diamond Steel Enterprise filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s Reacon Engineers (India) Pvt. Ltd. The Adjudicating Authority admitted the application on December 5, 2018. Avishek Roy, a shareholder of M/s Reacon Engineers (India) Pvt. Ltd., filed an appeal against this order. The appellant claimed that a settlement had been reached with Diamond Steel Enterprise prior to the constitution of the Committee of Creditors. The appellant had prepared a draft for Rs.15,78,762 on December 18, 2018, and another draft for Rs.6,21,238 on December 27, 2018. A 'Deed of Settlement' was reached on December 26, 2018. The Committee of Creditors was constituted on December 28, 2018. The appellant argued that the settlement should be
…The Adjudicating Authority (National Company…
The Appellant prepared…