The appeal was filed by Kautilya Industries Private Limited, a Resolution Applicant, against the order dated February 15, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Jaipur. The Adjudicating Authority approved the application filed by the Resolution Professional for the liquidation of Parasrampuriya Synthetic Limited, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016.
Kautilya Industries Private Limited filed an appeal against the order of the Adjudicating Authority (NCLT Jaipur) which approved the liquidation of Parasrampuriya Synthetic Limited (Corporate Debtor). The application for liquidation was filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The appellant argued that the 270-day period for the resolution process should exclude the period during which an interim order passed by the High Court of Judicature for Rajasthan was in effect. The High Court had initially passed a winding-up order but later recalled it. The Committee of Creditors, with a majority voting share, had decided to file for liquidation. The appellant's resolution plan was not accepted. The High Court
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The High Court of Judicature for Rajasthan,…
The High Court of Judicature for Rajasthan,…
The appeal was filed by Kautilya Industries Private Limited, a Resolution Applicant, against the order dated February 15, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Jaipur. The Adjudicating Authority approved the application filed by the Resolution Professional for the liquidation of Parasrampuriya Synthetic Limited, the Corporate Debtor, under Section 33(2) of the Insolvency and Bankruptcy Code, 2016.
Kautilya Industries Private Limited filed an appeal against the order of the Adjudicating Authority (NCLT Jaipur) which approved the liquidation of Parasrampuriya Synthetic Limited (Corporate Debtor). The application for liquidation was filed by the Resolution Professional under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The appellant argued that the 270-day period for the resolution process should exclude the period during which an interim order passed by the High Court of Judicature for Rajasthan was in effect. The High Court had initially passed a winding-up order but later recalled it. The Committee of Creditors, with a majority voting share, had decided to file for liquidation. The appellant's resolution plan was not accepted. The High Court
…The High Court of Judicature for Rajasthan,…
The High Court of Judicature for Rajasthan,…