The Appellants, 'B. Arun Eashwar & Ors.' (shareholders) of 'M/s. Balu Spinning Mills Private Limited' (Corporate Debtor), filed an appeal against the order dated 28th March, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai, which admitted the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by 'M/s. OPG Power Generation Private Limited' (Operational Creditor).
The Appellants, shareholders of 'M/s. Balu Spinning Mills Private Limited' (Corporate Debtor), appealed against the Adjudicating Authority's order admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by 'M/s. OPG Power Generation Private Limited' (Operational Creditor). Before the 'Committee of Creditors' was constituted, the parties reached a settlement, which was submitted to the court. The court considered this settlement and the decision of the Supreme Court in 'Swiss Ribbons Pvt. Ltd. & Anr'. The relevance of the settlement lies in the fact that it occurred before the constitution of the Committee of Creditors, allowing the court to consider it favorably. The court then allowed the withdrawal of the application under
…Sign in to view the parties.
The Adjudicating Authority (National Company…
Learned counsel for the Appellant submitted…
The Appellants, 'B. Arun Eashwar & Ors.' (shareholders) of 'M/s. Balu Spinning Mills Private Limited' (Corporate Debtor), filed an appeal against the order dated 28th March, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai, which admitted the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by 'M/s. OPG Power Generation Private Limited' (Operational Creditor).
The Appellants, shareholders of 'M/s. Balu Spinning Mills Private Limited' (Corporate Debtor), appealed against the Adjudicating Authority's order admitting an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by 'M/s. OPG Power Generation Private Limited' (Operational Creditor). Before the 'Committee of Creditors' was constituted, the parties reached a settlement, which was submitted to the court. The court considered this settlement and the decision of the Supreme Court in 'Swiss Ribbons Pvt. Ltd. & Anr'. The relevance of the settlement lies in the fact that it occurred before the constitution of the Committee of Creditors, allowing the court to consider it favorably. The court then allowed the withdrawal of the application under
…The Adjudicating Authority (National Company…
Learned counsel for the Appellant submitted…