The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal) that allowed the restoration of a Company Petition. The original Company Petition was disposed of based on a settlement between the parties. The appeal was filed by one of the erstwhile Directors, arguing that the revival should not have been allowed under Rule 11 of the NCLT Rules, 2016.
A Company Petition was initially disposed of by the Adjudicating Authority based on a settlement between the parties. An application was filed seeking restoration/revival of the Company Petition. The Adjudicating Authority allowed the restoration. One of the former Directors appealed this decision, arguing it violated NCLT rules. Subsequently, an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by an Operational Creditor against the same Corporate Debtor, was admitted, and CIRP commenced. The Financial Creditor had been given liberty to report any non-compliance with the settlement terms.
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The Adjudicating Authority passed an order…
An application being MA No. 3601 of 2019 was…
The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal) that allowed the restoration of a Company Petition. The original Company Petition was disposed of based on a settlement between the parties. The appeal was filed by one of the erstwhile Directors, arguing that the revival should not have been allowed under Rule 11 of the NCLT Rules, 2016.
A Company Petition was initially disposed of by the Adjudicating Authority based on a settlement between the parties. An application was filed seeking restoration/revival of the Company Petition. The Adjudicating Authority allowed the restoration. One of the former Directors appealed this decision, arguing it violated NCLT rules. Subsequently, an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by an Operational Creditor against the same Corporate Debtor, was admitted, and CIRP commenced. The Financial Creditor had been given liberty to report any non-compliance with the settlement terms.
The Adjudicating Authority passed an order…
An application being MA No. 3601 of 2019 was…