The appeal was filed against the order of the Adjudicating Authority (National Company Law Tribunal, Division Bench, Chennai) in IBA No. 685 of 2019, dated 10.10.2019, which allowed the application of the first respondent filed under Section 7 of the I&B Code, 2016, and appointed an Interim Resolution Professional (IRP) to conduct the Corporate Insolvency Resolution Process (CIRP) of the second respondent. The appellant, a former director of the second respondent, argued that proceedings against the corporate guarantor were not maintainable given ongoing proceedings against the principal borrower. The respondents contended that the appeal was time-barred and that simultaneous proceedings against the principal borrower and corporate guarantor were permissible under
…The appellant, Mr. Babumanoharan, filed an appeal against the order of the National Company Law Tribunal (NCLT), Chennai, which initiated Corporate Insolvency Resolution Process (CIRP) against M/s Jeppiaar Cements Pvt. Ltd. (the second respondent), a corporate guarantor. The first respondent, Indian Bank, had filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s Jeppiaar Cements Pvt. Ltd. due to a default in payment of a term loan of Rs. 92.50 Crore by M/s Jeppiaar Power Corporation Ltd., the principal borrower. The appellant, a former director of M/s Jeppiaar Cements Pvt. Ltd., argued that the CIRP against the corporate guarantor was not maintainable because proceedings against the principal borrower were already ongoing. Indian
…Sign in to view the parties.
Adjudicating Authority (NCLT) passed an order…
The order was delivered on 10.10.2019 and the…
The appeal was filed against the order of the Adjudicating Authority (National Company Law Tribunal, Division Bench, Chennai) in IBA No. 685 of 2019, dated 10.10.2019, which allowed the application of the first respondent filed under Section 7 of the I&B Code, 2016, and appointed an Interim Resolution Professional (IRP) to conduct the Corporate Insolvency Resolution Process (CIRP) of the second respondent. The appellant, a former director of the second respondent, argued that proceedings against the corporate guarantor were not maintainable given ongoing proceedings against the principal borrower. The respondents contended that the appeal was time-barred and that simultaneous proceedings against the principal borrower and corporate guarantor were permissible under
…The appellant, Mr. Babumanoharan, filed an appeal against the order of the National Company Law Tribunal (NCLT), Chennai, which initiated Corporate Insolvency Resolution Process (CIRP) against M/s Jeppiaar Cements Pvt. Ltd. (the second respondent), a corporate guarantor. The first respondent, Indian Bank, had filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s Jeppiaar Cements Pvt. Ltd. due to a default in payment of a term loan of Rs. 92.50 Crore by M/s Jeppiaar Power Corporation Ltd., the principal borrower. The appellant, a former director of M/s Jeppiaar Cements Pvt. Ltd., argued that the CIRP against the corporate guarantor was not maintainable because proceedings against the principal borrower were already ongoing. Indian
…Adjudicating Authority (NCLT) passed an order…
The order was delivered on 10.10.2019 and the…