The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Chennai Bench) regarding the liquidation of M/s. Topknit Processing Mills Pvt. Ltd., the Corporate Debtor. The Appellant, who is the Successful Resolution Applicant/Promoter, challenged the Impugned Order dated 10.05.2024, which rejected his application (IA No. 1748/2023) seeking a stay on the liquidation order dated 26.07.2023 and permission to deposit the outstanding amount of Rs. 9,37,50,000/-. The Resolution Plan submitted by the Appellant had been approved earlier, but he failed to deposit the full amount within the stipulated time, leading to the liquidation order.
Mr. C. Sivasami, the Appellant, is the Resolution Applicant/Promoter of M/s. Topknit Processing Mills Pvt. Ltd., the Corporate Debtor. CIRP proceedings were initiated against the Corporate Debtor via an order dated 2019-11-21. The Resolution Plan submitted by the Appellant was approved by the NCLT, Chennai, on 2022-06-20, subject to the condition that the Appellant deposits Rs. 10,11,00,000. The Appellant had already deposited Rs. 1,03,25,000 and a security deposit of Rs. 46,25,000. However, he failed to deposit the balance amount by the stipulated date of 2022-06-20. Consequently, the Respondent filed an application (IA No. 429/2023) seeking liquidation of the Corporate Debtor under Section 33(3) of the I&B Code. The Appellant claimed unavoidable circumstances
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CIRP proceedings…
Resolution Plan submitted by Mr. C. Sivasami…
The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Chennai Bench) regarding the liquidation of M/s. Topknit Processing Mills Pvt. Ltd., the Corporate Debtor. The Appellant, who is the Successful Resolution Applicant/Promoter, challenged the Impugned Order dated 10.05.2024, which rejected his application (IA No. 1748/2023) seeking a stay on the liquidation order dated 26.07.2023 and permission to deposit the outstanding amount of Rs. 9,37,50,000/-. The Resolution Plan submitted by the Appellant had been approved earlier, but he failed to deposit the full amount within the stipulated time, leading to the liquidation order.
Mr. C. Sivasami, the Appellant, is the Resolution Applicant/Promoter of M/s. Topknit Processing Mills Pvt. Ltd., the Corporate Debtor. CIRP proceedings were initiated against the Corporate Debtor via an order dated 2019-11-21. The Resolution Plan submitted by the Appellant was approved by the NCLT, Chennai, on 2022-06-20, subject to the condition that the Appellant deposits Rs. 10,11,00,000. The Appellant had already deposited Rs. 1,03,25,000 and a security deposit of Rs. 46,25,000. However, he failed to deposit the balance amount by the stipulated date of 2022-06-20. Consequently, the Respondent filed an application (IA No. 429/2023) seeking liquidation of the Corporate Debtor under Section 33(3) of the I&B Code. The Appellant claimed unavoidable circumstances
…CIRP proceedings…
Resolution Plan submitted by Mr. C. Sivasami…