This is an appeal filed against the order dated 31.07.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Bench (Court-II) in CA 1297/2020. The appeal was filed by the liquidator of the Corporate Debtor. The core issue revolves around the proposed sale of shares of a subsidiary company, M/s Hindustan Newsprint Ltd., which was initially approved by the Adjudicating Authority on 25.11.2019.
The liquidator of a Corporate Debtor filed an appeal against an order passed by the National Company Law Tribunal (NCLT), New Delhi. The NCLT order pertained to an application (IA 1297/2020) seeking direction to the Government of Kerala to purchase shares of M/s Hindustan Newsprint Ltd., a subsidiary company. The Adjudicating Authority had approved the sale of these shares on 25.11.2019. The Government of Kerala had initially offered to purchase the shares for Rs. 25 Cr, payable in 3 months. However, the Government of Kerala subsequently backed out of the purchase. The Corporate Insolvency Resolution Process (CIRP) was initiated for Hindustan Newsprint Ltd. on 28.11.2019, after the initial approval by the NCLT, which led to the State of Kerala's decision to withdraw
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The Adjudicating…
Corporate Insolvency…
This is an appeal filed against the order dated 31.07.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Bench (Court-II) in CA 1297/2020. The appeal was filed by the liquidator of the Corporate Debtor. The core issue revolves around the proposed sale of shares of a subsidiary company, M/s Hindustan Newsprint Ltd., which was initially approved by the Adjudicating Authority on 25.11.2019.
The liquidator of a Corporate Debtor filed an appeal against an order passed by the National Company Law Tribunal (NCLT), New Delhi. The NCLT order pertained to an application (IA 1297/2020) seeking direction to the Government of Kerala to purchase shares of M/s Hindustan Newsprint Ltd., a subsidiary company. The Adjudicating Authority had approved the sale of these shares on 25.11.2019. The Government of Kerala had initially offered to purchase the shares for Rs. 25 Cr, payable in 3 months. However, the Government of Kerala subsequently backed out of the purchase. The Corporate Insolvency Resolution Process (CIRP) was initiated for Hindustan Newsprint Ltd. on 28.11.2019, after the initial approval by the NCLT, which led to the State of Kerala's decision to withdraw
…The Adjudicating…
Corporate Insolvency…