The Respondent, Gas Jeans Pvt. Ltd., initiated proceedings under Sections 433-434 of the Companies Act, 1956 in the Bombay High Court seeking the winding up of Vama Apparels India Pvt. Ltd. for a debt of Rs. 21,63,359. The case was transferred to the NCLT, Mumbai Bench, following Rule 5 of the Companies (Transfer of pending proceedings) Rule, 2016. Gas Jeans Pvt. Ltd. then filed Form-5 r/w Rule 6 to treat the application as one under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The Adjudicating Authority admitted the application, declared a moratorium, and appointed an Interim Resolution Professional via an order dated May 17, 2018. The Appellant, the Director of the Corporate Debtor, challenged this order, arguing that the notice under Section
…Gas Jeans Pvt. Ltd. initiated proceedings to wind up Vama Apparels India Pvt. Ltd. in the Bombay High Court due to an outstanding debt of Rs. 21,63,359. The case was transferred to the NCLT, Mumbai. Gas Jeans Pvt. Ltd. then sought to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (I&B Code). The Adjudicating Authority admitted the application, declared a moratorium, and appointed an Interim Resolution Professional on May 17, 2018. Jaya Patel, the Director of the Corporate Debtor, challenged this order, arguing that the notice under Section 8(1) of the I&B Code was issued on the same date as the filing of Form-5 under Rule 9. Gas Jeans Pvt. Ltd. acknowledged that the notice under Section 8(1) was
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Gas Jeans Pvt. Ltd. preferred an application…
The case was transferred pursuant to Rule 5…
The Respondent, Gas Jeans Pvt. Ltd., initiated proceedings under Sections 433-434 of the Companies Act, 1956 in the Bombay High Court seeking the winding up of Vama Apparels India Pvt. Ltd. for a debt of Rs. 21,63,359. The case was transferred to the NCLT, Mumbai Bench, following Rule 5 of the Companies (Transfer of pending proceedings) Rule, 2016. Gas Jeans Pvt. Ltd. then filed Form-5 r/w Rule 6 to treat the application as one under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The Adjudicating Authority admitted the application, declared a moratorium, and appointed an Interim Resolution Professional via an order dated May 17, 2018. The Appellant, the Director of the Corporate Debtor, challenged this order, arguing that the notice under Section
…Gas Jeans Pvt. Ltd. initiated proceedings to wind up Vama Apparels India Pvt. Ltd. in the Bombay High Court due to an outstanding debt of Rs. 21,63,359. The case was transferred to the NCLT, Mumbai. Gas Jeans Pvt. Ltd. then sought to initiate Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code (I&B Code). The Adjudicating Authority admitted the application, declared a moratorium, and appointed an Interim Resolution Professional on May 17, 2018. Jaya Patel, the Director of the Corporate Debtor, challenged this order, arguing that the notice under Section 8(1) of the I&B Code was issued on the same date as the filing of Form-5 under Rule 9. Gas Jeans Pvt. Ltd. acknowledged that the notice under Section 8(1) was
…Gas Jeans Pvt. Ltd. preferred an application…
The case was transferred pursuant to Rule 5…