The case involves three company appeals (724, 725, and 870 of 2019) before the NCLAT concerning the corporate insolvency resolution processes of Adhunik Metaliks Limited and Zion Steel Limited. State Bank of India initiated insolvency proceedings against both companies under Section 7 of the Insolvency and Bankruptcy Code (IBC). Liberty House Group Pte. Ltd. submitted resolution plans for both companies, which were approved by the Adjudicating Authority (NCLT), Kolkata. However, Liberty House failed to implement the plans, leading to the Adjudicating Authority ordering liquidation of both companies. These appeals challenge the liquidation order.
State Bank of India initiated corporate insolvency resolution processes (CIRP) against Adhunik Metaliks Limited and Zion Steel Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Liberty House Group Pte. Ltd. submitted resolution plans for both companies and was declared the successful resolution applicant. The resolution plans were approved by the Adjudicating Authority (NCLT), Kolkata on July 17, 2018, for Adhunik Metaliks and July 10, 2018, for Zion Steel. The Committee of Creditors approved the resolution plans with 99.94% and 100% voting shares, respectively. MSTC Limited's claim was rejected and challenged unsuccessfully up to the Supreme Court. Liberty House failed to implement the resolution plans, citing grievances regarding non-compliance by
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The Adjudicating Authority (NCLT), Kolkata,…
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The case involves three company appeals (724, 725, and 870 of 2019) before the NCLAT concerning the corporate insolvency resolution processes of Adhunik Metaliks Limited and Zion Steel Limited. State Bank of India initiated insolvency proceedings against both companies under Section 7 of the Insolvency and Bankruptcy Code (IBC). Liberty House Group Pte. Ltd. submitted resolution plans for both companies, which were approved by the Adjudicating Authority (NCLT), Kolkata. However, Liberty House failed to implement the plans, leading to the Adjudicating Authority ordering liquidation of both companies. These appeals challenge the liquidation order.
State Bank of India initiated corporate insolvency resolution processes (CIRP) against Adhunik Metaliks Limited and Zion Steel Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. Liberty House Group Pte. Ltd. submitted resolution plans for both companies and was declared the successful resolution applicant. The resolution plans were approved by the Adjudicating Authority (NCLT), Kolkata on July 17, 2018, for Adhunik Metaliks and July 10, 2018, for Zion Steel. The Committee of Creditors approved the resolution plans with 99.94% and 100% voting shares, respectively. MSTC Limited's claim was rejected and challenged unsuccessfully up to the Supreme Court. Liberty House failed to implement the resolution plans, citing grievances regarding non-compliance by
…The Adjudicating Authority (NCLT), Kolkata,…
The Adjudicating Authority (NCLT), Kolkata,…
Sign in to view related legal provisions.