The appeal challenges the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, which disposed of two applications, I.A No. 766 of 2022 and I.A No. 686 of 2022. The Adjudicating Authority had approved the Resolution Plan for the Corporate Debtor on 22.06.2021. The appellant contested the exclusion of a 65-day period (17.01.2022 to 22.03.2022) granted by the Adjudicating Authority, which extended the 'effective date' to 25.05.2022. The exclusion was sought because Application I.A No. 125 of 2022 was pending during that time.
The Adjudicating Authority approved a Resolution Plan for the Corporate Debtor on 22.06.2021. The implementation of the Resolution Plan had a timeline of 90 days, extendable by 180 days. An Application, I.A No. 125 of 2022, was filed by the Successful Resolution Applicant. The present Appellant filed an Application for impleadment being I.A. No. 766 of 2022. The Adjudicating Authority allowed I.A No. 686 of 2022, excluding 65 days (17.01.2022 to 22.03.2022) because Application I.A No. 125 of 2022 was pending during that period. This exclusion extended the 'effective date' to 25.05.2022. The MC Lenders had declined approval for any payments, including from the ICD deposited by the Applicant with the Corporate Debtor, until the Expenses Application is decided by the
…Sign in to view the parties.
The Adjudicating…
The Successful…
Sign in to view related legal provisions.
The appeal challenges the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, which disposed of two applications, I.A No. 766 of 2022 and I.A No. 686 of 2022. The Adjudicating Authority had approved the Resolution Plan for the Corporate Debtor on 22.06.2021. The appellant contested the exclusion of a 65-day period (17.01.2022 to 22.03.2022) granted by the Adjudicating Authority, which extended the 'effective date' to 25.05.2022. The exclusion was sought because Application I.A No. 125 of 2022 was pending during that time.
The Adjudicating Authority approved a Resolution Plan for the Corporate Debtor on 22.06.2021. The implementation of the Resolution Plan had a timeline of 90 days, extendable by 180 days. An Application, I.A No. 125 of 2022, was filed by the Successful Resolution Applicant. The present Appellant filed an Application for impleadment being I.A. No. 766 of 2022. The Adjudicating Authority allowed I.A No. 686 of 2022, excluding 65 days (17.01.2022 to 22.03.2022) because Application I.A No. 125 of 2022 was pending during that period. This exclusion extended the 'effective date' to 25.05.2022. The MC Lenders had declined approval for any payments, including from the ICD deposited by the Applicant with the Corporate Debtor, until the Expenses Application is decided by the
…The Adjudicating…
The Successful…
Sign in to view related legal provisions.