The appeal challenges an order by the Adjudicating Authority (NCLT, Mumbai Bench) that accepted the Resolution Professional's application under Section 33 of the Insolvency and Bankruptcy Code, 2016, leading to the corporate debtor's liquidation. The appellants contend they were not given an opportunity of hearing, violating natural justice principles.
The Adjudicating Authority (National Company Law Tribunal), Court-1, Mumbai Bench, issued an order on January 7, 2021, accepting the Resolution Professional's application under Section 33 of the Insolvency and Bankruptcy Code, 2016. This order resulted in the corporate debtor being sent into liquidation. The appellants challenged this order, arguing that they were not provided an opportunity of hearing, thereby breaching the Rules of Natural Justice. During the Corporate Insolvency Resolution Process (CIRP) of the corporate debtor, no Expression of Interest (EoI) was received. Consequently, no Resolution Applicant came forward with a viable and feasible Resolution Plan. The Committee of Creditors (COC), in its meeting held on September 3, 2020, passed a resolution for
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The Committee of Creditors (COC) held a…
The Adjudicating Authority (NCLT, Mumbai…
The appeal challenges an order by the Adjudicating Authority (NCLT, Mumbai Bench) that accepted the Resolution Professional's application under Section 33 of the Insolvency and Bankruptcy Code, 2016, leading to the corporate debtor's liquidation. The appellants contend they were not given an opportunity of hearing, violating natural justice principles.
The Adjudicating Authority (National Company Law Tribunal), Court-1, Mumbai Bench, issued an order on January 7, 2021, accepting the Resolution Professional's application under Section 33 of the Insolvency and Bankruptcy Code, 2016. This order resulted in the corporate debtor being sent into liquidation. The appellants challenged this order, arguing that they were not provided an opportunity of hearing, thereby breaching the Rules of Natural Justice. During the Corporate Insolvency Resolution Process (CIRP) of the corporate debtor, no Expression of Interest (EoI) was received. Consequently, no Resolution Applicant came forward with a viable and feasible Resolution Plan. The Committee of Creditors (COC), in its meeting held on September 3, 2020, passed a resolution for
…The Committee of Creditors (COC) held a…
The Adjudicating Authority (NCLT, Mumbai…