Mantena Engitec Pvt. Ltd. filed an appeal against the 'order of liquidation' passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, on December 6, 2018. The appellant's plea was that a scheme had already been submitted and forwarded to the 'Liquidator' and should have been considered under Section 230 of the Companies Act, 2013. The 'Liquidator's' counsel submitted that the process under Section 230 of the Companies Act, 2013, read with the 'Insolvency and Bankruptcy Code' and the decision of the Appellate Tribunal in "Y. Shivram Prasad" (Supra), had already been taken, and an appropriate order would be passed by the Adjudicating Authority in accordance with the law.
Mantena Engitec Pvt. Ltd. appealed against the liquidation order issued by the Kolkata Bench of the National Company Law Tribunal (NCLT) on December 6, 2018. The appellant argued that a scheme had already been submitted to the Liquidator and should be considered under Section 230 of the Companies Act, 2013. The Liquidator's counsel stated that the process under Section 230, read with the Insolvency and Bankruptcy Code (IBC) and the decision in "Y. Shivram Prasad" (Supra), had been followed. The Committee of Creditors agreed with the Liquidator's position. The court declined to interfere with the liquidation order and directed the parties to proceed in accordance with the decision in "Y. Shivram Prasad" (Supra).
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The Adjudicating Authority (National Company…
The Appellant, Mantena Engitec Pvt. Ltd.,…
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Mantena Engitec Pvt. Ltd. filed an appeal against the 'order of liquidation' passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, on December 6, 2018. The appellant's plea was that a scheme had already been submitted and forwarded to the 'Liquidator' and should have been considered under Section 230 of the Companies Act, 2013. The 'Liquidator's' counsel submitted that the process under Section 230 of the Companies Act, 2013, read with the 'Insolvency and Bankruptcy Code' and the decision of the Appellate Tribunal in "Y. Shivram Prasad" (Supra), had already been taken, and an appropriate order would be passed by the Adjudicating Authority in accordance with the law.
Mantena Engitec Pvt. Ltd. appealed against the liquidation order issued by the Kolkata Bench of the National Company Law Tribunal (NCLT) on December 6, 2018. The appellant argued that a scheme had already been submitted to the Liquidator and should be considered under Section 230 of the Companies Act, 2013. The Liquidator's counsel stated that the process under Section 230, read with the Insolvency and Bankruptcy Code (IBC) and the decision in "Y. Shivram Prasad" (Supra), had been followed. The Committee of Creditors agreed with the Liquidator's position. The court declined to interfere with the liquidation order and directed the parties to proceed in accordance with the decision in "Y. Shivram Prasad" (Supra).
The Adjudicating Authority (National Company…
The Appellant, Mantena Engitec Pvt. Ltd.,…
Sign in to view related legal provisions.