This appeal challenges an order from the NCLT, Kolkata Bench, which rejected the appellant's application to dismiss a Section 7 IBC application and admitted the Section 7 application filed by Respondent No.1. The core dispute revolves around the maintainability of the Section 7 application given the corporate debtor's long-standing liquidation status and alleged suppression of material facts by Respondent No.1.
M/s. Gourepore Company Limited, the corporate debtor, a jute goods manufacturer, was declared a sick industrial company by BIFR on September 12, 1991, under Section 15 of the Sick Industrial Companies (Special Provisions) Act, 1986. The BIFR recommended winding up, and an appeal to the AAIFR was dismissed on August 5, 1992. Subsequently, a winding-up petition was filed under Sections 433 and 434 of the Companies Act, 1956, which led to a winding-up order by the Calcutta High Court on November 26, 1997, and the Official Liquidator took control of the company's assets. Respondent No.1, Ashray Vyapaar Private Limited, incorporated on July 28, 2007, claimed to have acquired debts from the corporate debtor's secured creditors through assignments. These assignments included
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M/s. Gourepore Company…
Appeal filed by the Company before the…
This appeal challenges an order from the NCLT, Kolkata Bench, which rejected the appellant's application to dismiss a Section 7 IBC application and admitted the Section 7 application filed by Respondent No.1. The core dispute revolves around the maintainability of the Section 7 application given the corporate debtor's long-standing liquidation status and alleged suppression of material facts by Respondent No.1.
M/s. Gourepore Company Limited, the corporate debtor, a jute goods manufacturer, was declared a sick industrial company by BIFR on September 12, 1991, under Section 15 of the Sick Industrial Companies (Special Provisions) Act, 1986. The BIFR recommended winding up, and an appeal to the AAIFR was dismissed on August 5, 1992. Subsequently, a winding-up petition was filed under Sections 433 and 434 of the Companies Act, 1956, which led to a winding-up order by the Calcutta High Court on November 26, 1997, and the Official Liquidator took control of the company's assets. Respondent No.1, Ashray Vyapaar Private Limited, incorporated on July 28, 2007, claimed to have acquired debts from the corporate debtor's secured creditors through assignments. These assignments included
…M/s. Gourepore Company…
Appeal filed by the Company before the…