The appeal challenges the order dated June 9, 2020, which dismissed the application by representatives of the employees of Gujarat NRE Coke Limited (Corporate Debtor) to reconsider the Scheme of Compromise and Arrangement under Section 230 of the Companies Act, 2013. The scheme, proposed by the Shareholders along with the 'TEV Study', was not considered by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench. The appellants argued that the Adjudicating Authority did not consider the proposition that liquidation should be the last resort and all efforts should be made to revive the Company.
The representatives of the employees of Gujarat NRE Coke Limited (Corporate Debtor) filed an application to reconsider the Scheme of Compromise and Arrangement under Section 230 of the Companies Act, 2013. The scheme was proposed by the Shareholders along with the 'TEV Study'. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, dismissed the application. The Corporate Debtor has been under liquidation since January 11, 2018. The Scheme of Compromise and Arrangement for revival of the Corporate Debtor was rejected by the secured creditors. The creditors objected to the addition of 'TEV Study'. The 90-day limit from the date of the order of liquidation had elapsed, and more than two years had passed.
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The Corporate Debtor,…
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The appeal challenges the order dated June 9, 2020, which dismissed the application by representatives of the employees of Gujarat NRE Coke Limited (Corporate Debtor) to reconsider the Scheme of Compromise and Arrangement under Section 230 of the Companies Act, 2013. The scheme, proposed by the Shareholders along with the 'TEV Study', was not considered by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench. The appellants argued that the Adjudicating Authority did not consider the proposition that liquidation should be the last resort and all efforts should be made to revive the Company.
The representatives of the employees of Gujarat NRE Coke Limited (Corporate Debtor) filed an application to reconsider the Scheme of Compromise and Arrangement under Section 230 of the Companies Act, 2013. The scheme was proposed by the Shareholders along with the 'TEV Study'. The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, dismissed the application. The Corporate Debtor has been under liquidation since January 11, 2018. The Scheme of Compromise and Arrangement for revival of the Corporate Debtor was rejected by the secured creditors. The creditors objected to the addition of 'TEV Study'. The 90-day limit from the date of the order of liquidation had elapsed, and more than two years had passed.
The Corporate Debtor,…
The Adjudicating Authority dismissed the…
Sign in to view related legal provisions.