The appeal was filed against the order dated 04.11.2022 passed by the National Company Law Tribunal, Chandigarh Bench, Chandigarh, which decided CA No. 15 of 2020 and I.A. No. 553 of 2020. The Appellant-Suspended Director of the Corporate Debtor challenged the order. The issue arose when the Liquidator issued an Auction Notice for the auction of the Corporate Debtor as a going concern. CA No. 15 of 2020 was filed challenging the Auction Notice, and subsequently, I.A. No. 553 of 2020 was filed after the auction held on 03.02.2023. Both applications were rejected by the impugned order.
Haravtar Singh Arora, the erstwhile promoter of James Hotel, filed an appeal against the order passed by the National Company Law Tribunal (NCLT), Chandigarh Bench. The appeal contested the auction notice issued by the Liquidator, Navneet Gupta, for the auction of James Hotel as a going concern. The appellant argued that the property was leased from the Chandigarh Administration, and no permission was taken for its transfer. The appellant also contended that the auction should have been conducted under Clause 'a' to 'd' of Regulation 32-A since it was not completed within 90 days of the liquidation commencement date. The respondent argued that the lease deed remained in the name of the Corporate Debtor, and the shares of the corporate debtor were being sold. The NCLT
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The appeal was filed against the order dated 04.11.2022 passed by the National Company Law Tribunal, Chandigarh Bench, Chandigarh, which decided CA No. 15 of 2020 and I.A. No. 553 of 2020. The Appellant-Suspended Director of the Corporate Debtor challenged the order. The issue arose when the Liquidator issued an Auction Notice for the auction of the Corporate Debtor as a going concern. CA No. 15 of 2020 was filed challenging the Auction Notice, and subsequently, I.A. No. 553 of 2020 was filed after the auction held on 03.02.2023. Both applications were rejected by the impugned order.
Haravtar Singh Arora, the erstwhile promoter of James Hotel, filed an appeal against the order passed by the National Company Law Tribunal (NCLT), Chandigarh Bench. The appeal contested the auction notice issued by the Liquidator, Navneet Gupta, for the auction of James Hotel as a going concern. The appellant argued that the property was leased from the Chandigarh Administration, and no permission was taken for its transfer. The appellant also contended that the auction should have been conducted under Clause 'a' to 'd' of Regulation 32-A since it was not completed within 90 days of the liquidation commencement date. The respondent argued that the lease deed remained in the name of the Corporate Debtor, and the shares of the corporate debtor were being sold. The NCLT
…The National Company Law Tribunal, Chandigarh…
Auction was held,…
Sign in to view related legal provisions.