The appeal was filed against the order dated 13.09.2022 passed by the National Company Law Tribunal, Kolkata Bench, Kolkata, in IA (I.B.C)/921(KB)2021 in C.P.(IB)/1470(KB)2018. The appellant had submitted a resolution plan in the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, Aarya Industrial Products Private Limited. The application filed by the Appellant was dismissed by the NCLT.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Aarya Industrial Products Private Limited on 17.09.2019. Fortune Chemicals Limited submitted a resolution plan with an Earnest Money Deposit (EMD) of Rs. 25,00,000 on 19.02.2021. The Resolution Professional (RP) informed Fortune Chemicals Limited on 03.04.2021 that their resolution plan was rejected. The EMD was refunded to Fortune Chemicals Limited on 10.05.2021 upon their request. Fortune Chemicals Limited filed IA (I.B.C)/921(KB)2021 on 01.10.2021, which was dismissed by the NCLT on 13.09.2022. Fortune Chemicals Limited was the sole bidder in the CIRP. The RP stated that Fortune Chemicals Limited was ineligible under Section 29A of the IBC because Mr. Avanish Kumar Singh, a director in Fortune
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Corporate Insolvency Resolution Process…
Fortune Chemicals…
The appeal was filed against the order dated 13.09.2022 passed by the National Company Law Tribunal, Kolkata Bench, Kolkata, in IA (I.B.C)/921(KB)2021 in C.P.(IB)/1470(KB)2018. The appellant had submitted a resolution plan in the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, Aarya Industrial Products Private Limited. The application filed by the Appellant was dismissed by the NCLT.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Aarya Industrial Products Private Limited on 17.09.2019. Fortune Chemicals Limited submitted a resolution plan with an Earnest Money Deposit (EMD) of Rs. 25,00,000 on 19.02.2021. The Resolution Professional (RP) informed Fortune Chemicals Limited on 03.04.2021 that their resolution plan was rejected. The EMD was refunded to Fortune Chemicals Limited on 10.05.2021 upon their request. Fortune Chemicals Limited filed IA (I.B.C)/921(KB)2021 on 01.10.2021, which was dismissed by the NCLT on 13.09.2022. Fortune Chemicals Limited was the sole bidder in the CIRP. The RP stated that Fortune Chemicals Limited was ineligible under Section 29A of the IBC because Mr. Avanish Kumar Singh, a director in Fortune
…Corporate Insolvency Resolution Process…
Fortune Chemicals…