The case involves a Company Appeal (AT) (Insolvency) No. 795 of 2018 before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appellant, Ingen Capital Group LLC, is contesting actions related to an approved resolution plan. The issue arose because the resolution applicant allegedly sought to impose preconditions after the resolution plan's approval, which were not part of the original plan. The NCLAT is considering what actions should be taken against the resolution applicant and the directors of Ingen Capital Group LLC.
Ingen Capital Group LLC is the Appellant in a Company Appeal (AT) (Insolvency) No. 795 of 2018. The appeal is related to an 'approved resolution plan'. The Appellant's counsel stated that it is impossible to deposit the upfront amount without necessary information. The 'Resolution Applicant' allegedly wants to impose preconditions on the 'Resolution Plan' after its approval, which were not part of the original plan. A show cause notice was issued to the Directors of Ingen Capital Group LLC, namely Mr. Umesh Bhatia and Mr. Harish Bhatia, to explain why appropriate action should not be taken against them. The Secretary, Ministry of Corporate Affairs, Union of India, was impleaded as a party Respondent. The Adjudicating Authority is permitted to pass appropriate orders
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Company Appea…
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The case involves a Company Appeal (AT) (Insolvency) No. 795 of 2018 before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appellant, Ingen Capital Group LLC, is contesting actions related to an approved resolution plan. The issue arose because the resolution applicant allegedly sought to impose preconditions after the resolution plan's approval, which were not part of the original plan. The NCLAT is considering what actions should be taken against the resolution applicant and the directors of Ingen Capital Group LLC.
Ingen Capital Group LLC is the Appellant in a Company Appeal (AT) (Insolvency) No. 795 of 2018. The appeal is related to an 'approved resolution plan'. The Appellant's counsel stated that it is impossible to deposit the upfront amount without necessary information. The 'Resolution Applicant' allegedly wants to impose preconditions on the 'Resolution Plan' after its approval, which were not part of the original plan. A show cause notice was issued to the Directors of Ingen Capital Group LLC, namely Mr. Umesh Bhatia and Mr. Harish Bhatia, to explain why appropriate action should not be taken against them. The Secretary, Ministry of Corporate Affairs, Union of India, was impleaded as a party Respondent. The Adjudicating Authority is permitted to pass appropriate orders
…Company Appea…
Learned Senior Counsel for the Appellant submits…
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