The appeal was preferred by Ilam Chand Kamboj, the Resolution Professional of ANG Industries Ltd., against an order dated February 4, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench. The Adjudicating Authority made certain observations in Company Petition no. (IB)-292(ND)/2017, which led to the initiation of proceedings by the Insolvency and Bankruptcy Board of India (IBBI). The grievance of the Appellant is against observations made by the Adjudicating Authority regarding non-compliance with directions related to valuation reports and the resolution plan.
Ilam Chand Kamboj, the Resolution Professional (RP) of ANG Industries Ltd. ('Corporate Debtor'), filed an appeal against an order of the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, dated February 4, 2019. The Adjudicating Authority made observations in Company Petition no. (IB)-292(ND)/2017, which led to proceedings by the Insolvency and Bankruptcy Board of India (IBBI). The Adjudicating Authority noted that the RP had not complied with the Tribunal's directions regarding valuation as per the order dated 15.10.2018. The valuation reports submitted by the RP did not inspire confidence, leading to a directive for another valuation by an IBBI-approved valuer. The resolution plan was submitted by a consortium of resolution applicants without a
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The appeal was preferred by Ilam Chand Kamboj, the Resolution Professional of ANG Industries Ltd., against an order dated February 4, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench. The Adjudicating Authority made certain observations in Company Petition no. (IB)-292(ND)/2017, which led to the initiation of proceedings by the Insolvency and Bankruptcy Board of India (IBBI). The grievance of the Appellant is against observations made by the Adjudicating Authority regarding non-compliance with directions related to valuation reports and the resolution plan.
Ilam Chand Kamboj, the Resolution Professional (RP) of ANG Industries Ltd. ('Corporate Debtor'), filed an appeal against an order of the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, dated February 4, 2019. The Adjudicating Authority made observations in Company Petition no. (IB)-292(ND)/2017, which led to proceedings by the Insolvency and Bankruptcy Board of India (IBBI). The Adjudicating Authority noted that the RP had not complied with the Tribunal's directions regarding valuation as per the order dated 15.10.2018. The valuation reports submitted by the RP did not inspire confidence, leading to a directive for another valuation by an IBBI-approved valuer. The resolution plan was submitted by a consortium of resolution applicants without a
…The Tribunal issued an…
The Adjudicating Authority passed an order…