The case involves three appeals against a common order dated 24.03.2021 passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, in Interlocutory Applications (I.A.) Nos. 229, 230, and 231 of 2020. The appeals arise from the insolvency resolution process of Rainbow Papers Ltd. The Insolvency Resolution Applicants filed I.A.No. 230 of 2020 requesting the Adjudicating Authority to recall the order dated 27.02.2019 passed by the Tribunal in I.A. No. 224 of 2018 in CP (IB) No. 88/NCLT/AHM/2017 and to issue a direction for return of Rs. 30.5 crores paid by the Applicant pursuant to the resolution plan approved by the order dated 27.02.2019 passed in I.A.No.224 of 2018 in CP (IB) No. 88/NCLT/AHM/2017 and other consequences. I.A. No. 230 of 2020 was dismissed by
…Kushal Ltd., along with Sandeep Tulsiram Agarwal, filed appeals against a common order by the National Company Law Tribunal (NCLT), Ahmedabad, concerning the insolvency resolution of Rainbow Papers Ltd. The Resolution Applicants claimed that the Resolution Professional misrepresented the production capacity of Rainbow Papers Ltd. in the Information Memorandum, leading them to submit a resolution plan based on incorrect information. The Appellants argued that the CIRP did not disclose the ongoing assessment proceedings under the Income Tax Act 1961 for the assessment year 2016-17, though they were pending at the time of issuance of Information Memorandum, calling for expression of interest. It resulted in an income tax liability of Rs. 5.22 crores. The Appellants relied
…Sign in to view the parties.
The Adjudicating Authority admitted CP (IB)…
The resolution plan submitted by the…
The case involves three appeals against a common order dated 24.03.2021 passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, in Interlocutory Applications (I.A.) Nos. 229, 230, and 231 of 2020. The appeals arise from the insolvency resolution process of Rainbow Papers Ltd. The Insolvency Resolution Applicants filed I.A.No. 230 of 2020 requesting the Adjudicating Authority to recall the order dated 27.02.2019 passed by the Tribunal in I.A. No. 224 of 2018 in CP (IB) No. 88/NCLT/AHM/2017 and to issue a direction for return of Rs. 30.5 crores paid by the Applicant pursuant to the resolution plan approved by the order dated 27.02.2019 passed in I.A.No.224 of 2018 in CP (IB) No. 88/NCLT/AHM/2017 and other consequences. I.A. No. 230 of 2020 was dismissed by
…Kushal Ltd., along with Sandeep Tulsiram Agarwal, filed appeals against a common order by the National Company Law Tribunal (NCLT), Ahmedabad, concerning the insolvency resolution of Rainbow Papers Ltd. The Resolution Applicants claimed that the Resolution Professional misrepresented the production capacity of Rainbow Papers Ltd. in the Information Memorandum, leading them to submit a resolution plan based on incorrect information. The Appellants argued that the CIRP did not disclose the ongoing assessment proceedings under the Income Tax Act 1961 for the assessment year 2016-17, though they were pending at the time of issuance of Information Memorandum, calling for expression of interest. It resulted in an income tax liability of Rs. 5.22 crores. The Appellants relied
…The Adjudicating Authority admitted CP (IB)…
The resolution plan submitted by the…