The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal) Principal Bench, New Delhi, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, directing the liquidation of the corporate debtor, Forgings Pvt. Ltd. The appellant, Karan Gambhir, Director of Forgings Pvt. Ltd., argues that the liquidation order was passed prematurely, only 80 days after the initiation of the insolvency process, and that insufficient time (14 days) was given to submit a resolution plan. However, this issue was not raised before the Adjudicating Authority at the appropriate stage.
Karan Gambhir, Director of Forgings Pvt. Ltd. (the corporate debtor), filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal) which directed the liquidation of Forgings Pvt. Ltd. under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The order was passed on October 26, 2018. The appellant argued that the liquidation order was premature as it was passed only 80 days after the initiation of the insolvency process, and that only 14 days were given to submit a resolution plan. However, this argument was not raised before the Adjudicating Authority. The Committee of Creditors, through its counsel, submitted that the application for liquidation was filed in the absence of any resolution plan, with the approval of the
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Learned counsel for the appellant submitted that…
The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal) Principal Bench, New Delhi, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, directing the liquidation of the corporate debtor, Forgings Pvt. Ltd. The appellant, Karan Gambhir, Director of Forgings Pvt. Ltd., argues that the liquidation order was passed prematurely, only 80 days after the initiation of the insolvency process, and that insufficient time (14 days) was given to submit a resolution plan. However, this issue was not raised before the Adjudicating Authority at the appropriate stage.
Karan Gambhir, Director of Forgings Pvt. Ltd. (the corporate debtor), filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal) which directed the liquidation of Forgings Pvt. Ltd. under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The order was passed on October 26, 2018. The appellant argued that the liquidation order was premature as it was passed only 80 days after the initiation of the insolvency process, and that only 14 days were given to submit a resolution plan. However, this argument was not raised before the Adjudicating Authority. The Committee of Creditors, through its counsel, submitted that the application for liquidation was filed in the absence of any resolution plan, with the approval of the
…The Adjudicating Authority (National Company…
Learned counsel for the appellant submitted that…