The appeal challenges the order dated 23.11.2022 passed by the National Company Law Tribunal, New Delhi Court-VI, which dismissed IA No.5586 of 2022. This application was filed under Section 33, sub-section (2) read with Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the liquidation of the Corporate Debtor. The Adjudicating Authority directed the CoC to reconsider the application for liquidation, leading the Appellant, the sole financial creditor, to file this appeal.
Hero Fincorp Limited, the Appellant, extended financial facilities to the Corporate Debtor in 2018-2019. The Corporate Debtor defaulted on loan repayments. The Financial Creditor initiated proceedings under the SARFAESI Act, taking possession of secured assets. On 08.07.2022, an order commenced the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Appellant filed a claim in Form-C on 09.09.2022, which was provisionally accepted. The Committee of Creditors (CoC) was formed with the Appellant as the sole member. On 07.10.2022, the Resolution Professional (RP) published Form-G, setting 24.10.2022 as the last date for Expression of Interest (EOI). The CoC convened on 19.10.2022 to discuss eligibility criteria and EOI extension. On 19.10.2022,
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Appellant extended…
Order passed commencing Corporate Insolvency…
The appeal challenges the order dated 23.11.2022 passed by the National Company Law Tribunal, New Delhi Court-VI, which dismissed IA No.5586 of 2022. This application was filed under Section 33, sub-section (2) read with Section 34 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the liquidation of the Corporate Debtor. The Adjudicating Authority directed the CoC to reconsider the application for liquidation, leading the Appellant, the sole financial creditor, to file this appeal.
Hero Fincorp Limited, the Appellant, extended financial facilities to the Corporate Debtor in 2018-2019. The Corporate Debtor defaulted on loan repayments. The Financial Creditor initiated proceedings under the SARFAESI Act, taking possession of secured assets. On 08.07.2022, an order commenced the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Appellant filed a claim in Form-C on 09.09.2022, which was provisionally accepted. The Committee of Creditors (CoC) was formed with the Appellant as the sole member. On 07.10.2022, the Resolution Professional (RP) published Form-G, setting 24.10.2022 as the last date for Expression of Interest (EOI). The CoC convened on 19.10.2022 to discuss eligibility criteria and EOI extension. On 19.10.2022,
…Appellant extended…
Order passed commencing Corporate Insolvency…