The appeal was filed against the order dated 2023-06-02 regarding Restoration Application No. 13/2023, where the Adjudicating Authority directed the Respondent to maintain status-quo concerning hypothecated assets. A Company Petition filed by the Financial Creditor had a status-quo order passed on 2023-02-28 but was dismissed on 2023-03-14 because a CIRP had been initiated against the Corporate Debtor on 2023-03-01. The Adjudicating Authority granted time to the Appellant to file a reply and passed a status-quo order when the Restoration Application came up.
A status-quo order was passed on 2023-02-28. The Company Petition was dismissed on 2023-03-14 due to the initiation of CIRP against the Corporate Debtor on 2023-03-01. The order dated 2023-03-01 was set aside by the Appellate Tribunal on 2023-04-28. A Restoration Application was filed. The Adjudicating Authority granted time to the Appellant to file a reply and passed a status-quo order. The Appellant challenged the status-quo order, contending that the Adjudicating Authority ought not to have passed the order of status-quo.
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Status-quo order was…
CIRP was ini…
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The appeal was filed against the order dated 2023-06-02 regarding Restoration Application No. 13/2023, where the Adjudicating Authority directed the Respondent to maintain status-quo concerning hypothecated assets. A Company Petition filed by the Financial Creditor had a status-quo order passed on 2023-02-28 but was dismissed on 2023-03-14 because a CIRP had been initiated against the Corporate Debtor on 2023-03-01. The Adjudicating Authority granted time to the Appellant to file a reply and passed a status-quo order when the Restoration Application came up.
A status-quo order was passed on 2023-02-28. The Company Petition was dismissed on 2023-03-14 due to the initiation of CIRP against the Corporate Debtor on 2023-03-01. The order dated 2023-03-01 was set aside by the Appellate Tribunal on 2023-04-28. A Restoration Application was filed. The Adjudicating Authority granted time to the Appellant to file a reply and passed a status-quo order. The Appellant challenged the status-quo order, contending that the Adjudicating Authority ought not to have passed the order of status-quo.
Status-quo order was…
CIRP was ini…
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