ICICI Bank Limited, a financial creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Marg Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Chennai, admitted the application on May 28, 2019. The Appellant, the promoter of the Corporate Debtor, challenged the admission order, alleging violation of natural justice due to inadequate opportunity given to the Corporate Debtor. However, the Committee of Creditors approved a Terms of Settlement with a majority voting share of 95.96% under Section 12A of the I&B Code. ICICI Bank then moved to withdraw its application.
ICICI Bank Limited initiated CIRP against M/s. Marg Limited (Corporate Debtor) under Section 7 of the IBC. The NCLT Chennai admitted the application on May 28, 2019. The promoter of the Corporate Debtor appealed against this admission, citing violation of natural justice. The Committee of Creditors approved a Terms of Settlement with 95.96% majority under Section 12A of the IBC. ICICI Bank then sought to withdraw its application. SREI Equipment Finance Limited and Phoenix ARC Limited intervened, claiming their dues were not adequately addressed in the settlement. The NCLAT considered the settlement and ICICI Bank's withdrawal request. The relevance of the settlement lies in its potential to resolve the insolvency proceedings amicably. The intervention applications
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The Adjudicating Authority (NCLT), Chennai,…
‘ICICI Bank Limited' (Financial Creditor)…
ICICI Bank Limited, a financial creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Marg Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority (National Company Law Tribunal), Chennai, admitted the application on May 28, 2019. The Appellant, the promoter of the Corporate Debtor, challenged the admission order, alleging violation of natural justice due to inadequate opportunity given to the Corporate Debtor. However, the Committee of Creditors approved a Terms of Settlement with a majority voting share of 95.96% under Section 12A of the I&B Code. ICICI Bank then moved to withdraw its application.
ICICI Bank Limited initiated CIRP against M/s. Marg Limited (Corporate Debtor) under Section 7 of the IBC. The NCLT Chennai admitted the application on May 28, 2019. The promoter of the Corporate Debtor appealed against this admission, citing violation of natural justice. The Committee of Creditors approved a Terms of Settlement with 95.96% majority under Section 12A of the IBC. ICICI Bank then sought to withdraw its application. SREI Equipment Finance Limited and Phoenix ARC Limited intervened, claiming their dues were not adequately addressed in the settlement. The NCLAT considered the settlement and ICICI Bank's withdrawal request. The relevance of the settlement lies in its potential to resolve the insolvency proceedings amicably. The intervention applications
…The Adjudicating Authority (NCLT), Chennai,…
‘ICICI Bank Limited' (Financial Creditor)…