Five operational creditors filed separate applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against Swadisht Oils Pvt. Ltd. (Corporate Debtor). The Adjudicating Authority heard these applications and, via a common impugned order dated May 30, 2017, admitted one of the applications under Section 9, passing a moratorium order and appointing an Interim Resolution Professional. The other applications were disposed of accordingly. The Adjudicating Authority forwarded the operative portions of the reasoned order dated May 30, 2017, which are under challenge in these appeals.
Five operational creditors filed applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Swadisht Oils Pvt. Ltd. (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process. The Adjudicating Authority admitted one of the applications, leading to a moratorium and appointment of an Interim Resolution Professional. The Corporate Debtor, through its appellant Mr. Chetan Sharma, claimed that Mr. Dinesh Arora, the then Managing Director, fraudulently caused invoices to be raised in the name of the Corporate Debtor, and a Memorandum of Understanding (MOU) was signed between Mr. Arora and the Corporate Debtor, wherein Mr. Arora undertook all the liabilities. The appellant argued that this constituted a novation of contract, making
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Memorandum of…
Demand notice under sub-section (1) of Section 8…
Five operational creditors filed separate applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process against Swadisht Oils Pvt. Ltd. (Corporate Debtor). The Adjudicating Authority heard these applications and, via a common impugned order dated May 30, 2017, admitted one of the applications under Section 9, passing a moratorium order and appointing an Interim Resolution Professional. The other applications were disposed of accordingly. The Adjudicating Authority forwarded the operative portions of the reasoned order dated May 30, 2017, which are under challenge in these appeals.
Five operational creditors filed applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Swadisht Oils Pvt. Ltd. (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process. The Adjudicating Authority admitted one of the applications, leading to a moratorium and appointment of an Interim Resolution Professional. The Corporate Debtor, through its appellant Mr. Chetan Sharma, claimed that Mr. Dinesh Arora, the then Managing Director, fraudulently caused invoices to be raised in the name of the Corporate Debtor, and a Memorandum of Understanding (MOU) was signed between Mr. Arora and the Corporate Debtor, wherein Mr. Arora undertook all the liabilities. The appellant argued that this constituted a novation of contract, making
…Memorandum of…
Demand notice under sub-section (1) of Section 8…