The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated April 9, 2021, passed by the National Company Law Tribunal, New Delhi, in CP(IB) No. 1051/ND/2020. The Adjudicating Authority had admitted an application filed under Section 9 of the Code by Respondent No. 1. The appeal was filed on May 17, 2021. The Tribunal considered submissions regarding a pre-existing dispute prior to the Demand Notice and the possibility of settlement, directing the Appellant/Promoter to handover assets and records to the IRP, ensuring the company remains a going concern.
Basant Kumar (Appellant) filed an appeal against an order passed by the National Company Law Tribunal (NCLT), New Delhi, which admitted an application filed by SVS Cleanroom and Engineering System OPC Pvt. Ltd. (Respondent No. 1) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Appellant argued that there was a pre-existing dispute prior to the Demand Notice and that the order was passed ex-parte without proper service of notice. The Respondent contended that no such pre-existing dispute existed and that the notice was validly served. The NCLAT observed that the Corporate Debtor had raised disputes in its reply to the Demand Notice but never appeared before the Adjudicating Authority. The Resolution Professional's fees had not been paid since November
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The National Company Law Tribunal, New Delhi,…
The present ap…
The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, against an order dated April 9, 2021, passed by the National Company Law Tribunal, New Delhi, in CP(IB) No. 1051/ND/2020. The Adjudicating Authority had admitted an application filed under Section 9 of the Code by Respondent No. 1. The appeal was filed on May 17, 2021. The Tribunal considered submissions regarding a pre-existing dispute prior to the Demand Notice and the possibility of settlement, directing the Appellant/Promoter to handover assets and records to the IRP, ensuring the company remains a going concern.
Basant Kumar (Appellant) filed an appeal against an order passed by the National Company Law Tribunal (NCLT), New Delhi, which admitted an application filed by SVS Cleanroom and Engineering System OPC Pvt. Ltd. (Respondent No. 1) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Appellant argued that there was a pre-existing dispute prior to the Demand Notice and that the order was passed ex-parte without proper service of notice. The Respondent contended that no such pre-existing dispute existed and that the notice was validly served. The NCLAT observed that the Corporate Debtor had raised disputes in its reply to the Demand Notice but never appeared before the Adjudicating Authority. The Resolution Professional's fees had not been paid since November
…The National Company Law Tribunal, New Delhi,…
The present ap…