The case involves appeals against an order by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which approved the initiation of liquidation of Abhishek Corporation Limited (Corporate Debtor) due to the absence of an approved Resolution Plan. The Resolution Professional had filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2015, seeking liquidation. The Financial Creditor and the Resolution Applicant challenged the order. The Appellate Tribunal initially observed that the Committee of Creditors should reconsider the revised Resolution Plan submitted by Manibhadra Polycot. The tribunal directed the Resolution Professional and the Committee of Creditors to convene an urgent meeting to discuss the revised plan.
On 01.05.2019, due to the absence of an approved Resolution Plan, the Resolution Professional of Abhishek Corporation Limited (Corporate Debtor) filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2015, seeking liquidation. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, approved the application on March 11, 2019. The Financial Creditor and the Resolution Applicant challenged this order. The Appellate Tribunal observed on April 11, 2019, that the Committee of Creditors should reconsider the revised Resolution Plan submitted by Manibhadra Polycot. An affidavit accompanying the compliance report of the Resolution Professional indicated that the Revised Resolution Plan was placed before the Committee of Creditors, which
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In absence of approved Resolution Plan, the…
Adjudicating Authority (National Company Law…
The case involves appeals against an order by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which approved the initiation of liquidation of Abhishek Corporation Limited (Corporate Debtor) due to the absence of an approved Resolution Plan. The Resolution Professional had filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2015, seeking liquidation. The Financial Creditor and the Resolution Applicant challenged the order. The Appellate Tribunal initially observed that the Committee of Creditors should reconsider the revised Resolution Plan submitted by Manibhadra Polycot. The tribunal directed the Resolution Professional and the Committee of Creditors to convene an urgent meeting to discuss the revised plan.
On 01.05.2019, due to the absence of an approved Resolution Plan, the Resolution Professional of Abhishek Corporation Limited (Corporate Debtor) filed an application under Section 33 of the Insolvency and Bankruptcy Code, 2015, seeking liquidation. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, approved the application on March 11, 2019. The Financial Creditor and the Resolution Applicant challenged this order. The Appellate Tribunal observed on April 11, 2019, that the Committee of Creditors should reconsider the revised Resolution Plan submitted by Manibhadra Polycot. An affidavit accompanying the compliance report of the Resolution Professional indicated that the Revised Resolution Plan was placed before the Committee of Creditors, which
…In absence of approved Resolution Plan, the…
Adjudicating Authority (National Company Law…