The appeal concerns an order regarding the admission or rejection of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had previously directed the Corporate Debtor not to dispose of fixed assets to secure the interest of the Financial Creditor. This order was modified to require the Corporate Debtor to submit a specific plan before disposing of property to secure the interests of all stakeholders. The Adjudicating Authority was considering deferring the admission of the application under Section 7 at the behest of the Corporate Debtor.
Kunal Finance & Credit Pvt. Ltd. (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Mani Square Ltd. (Respondent/Corporate Debtor). The Adjudicating Authority had directed the Corporate Debtor not to dispose of fixed assets. The Corporate Debtor was required to submit a specific plan before disposing of property. The Corporate Debtor expressed an intention to settle the claim with the Financial Creditor. The corporate insolvency resolution process had not yet commenced. The Adjudicating Authority had neither admitted nor rejected the application under Section 7.
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Order directing the…
NCLAT disposes of the appeal, allowing the…
The appeal concerns an order regarding the admission or rejection of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had previously directed the Corporate Debtor not to dispose of fixed assets to secure the interest of the Financial Creditor. This order was modified to require the Corporate Debtor to submit a specific plan before disposing of property to secure the interests of all stakeholders. The Adjudicating Authority was considering deferring the admission of the application under Section 7 at the behest of the Corporate Debtor.
Kunal Finance & Credit Pvt. Ltd. (Appellant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Mani Square Ltd. (Respondent/Corporate Debtor). The Adjudicating Authority had directed the Corporate Debtor not to dispose of fixed assets. The Corporate Debtor was required to submit a specific plan before disposing of property. The Corporate Debtor expressed an intention to settle the claim with the Financial Creditor. The corporate insolvency resolution process had not yet commenced. The Adjudicating Authority had neither admitted nor rejected the application under Section 7.
Order directing the…
NCLAT disposes of the appeal, allowing the…