The appeal was filed under Section 61 of the IBC Code, 2016, against an order dated 31.12.2021 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in Case No. IB-1359/(ND)/2019. The Adjudicating Authority admitted an application filed under Sections 66, 68, 69, 70, and other provisions of the IBC by the Resolution Professional, directing the Respondents (including the Appellant) to contribute jointly and severally to the assets of the Corporate Debtor, which was under Corporate Insolvency Resolution Process (CIRP), and directed criminal prosecution of the Respondents under Section 69 of the IBC. Respondent No. 21, who is the present Appellant, preferred the appeal.
HBN Foods Ltd, the Corporate Debtor, was incorporated as a private limited company on 01.03.2013 and later converted into a public limited company in July 2013. The main objective of the Corporate Debtor was the manufacture of food products and beverages, but it launched a collective investment scheme in August 2013, collecting money from the public without SEBI registration. The investment scheme was stopped abruptly without repayment of the deposit collected from the public, leading to an application being filed before the Adjudicating Authority for initiation of CIRP of the Corporate Debtor. The Adjudicating Authority ordered initiation of CIRP proceedings on 14.08.2018 and appointed an Interim Resolution Professional (IRP). The IRP appointed a chartered accountant
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HBN Foods Ltd was…
HBN Foods Ltd was…
The appeal was filed under Section 61 of the IBC Code, 2016, against an order dated 31.12.2021 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in Case No. IB-1359/(ND)/2019. The Adjudicating Authority admitted an application filed under Sections 66, 68, 69, 70, and other provisions of the IBC by the Resolution Professional, directing the Respondents (including the Appellant) to contribute jointly and severally to the assets of the Corporate Debtor, which was under Corporate Insolvency Resolution Process (CIRP), and directed criminal prosecution of the Respondents under Section 69 of the IBC. Respondent No. 21, who is the present Appellant, preferred the appeal.
HBN Foods Ltd, the Corporate Debtor, was incorporated as a private limited company on 01.03.2013 and later converted into a public limited company in July 2013. The main objective of the Corporate Debtor was the manufacture of food products and beverages, but it launched a collective investment scheme in August 2013, collecting money from the public without SEBI registration. The investment scheme was stopped abruptly without repayment of the deposit collected from the public, leading to an application being filed before the Adjudicating Authority for initiation of CIRP of the Corporate Debtor. The Adjudicating Authority ordered initiation of CIRP proceedings on 14.08.2018 and appointed an Interim Resolution Professional (IRP). The IRP appointed a chartered accountant
…HBN Foods Ltd was…
HBN Foods Ltd was…