The appeal arises from an order dated 20th November 2019 passed by the Adjudicating Authority/National Company Law Tribunal, Chennai Bench, Chennai, which dismissed Miscellaneous Application No.1052 of 2019 in Company Petition (IB) No. CP/646/CB/2017. The application sought permission to sell the assets of Surana Power Limited in Liquidation under Regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016. The CIRP was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016, vide order dated 20th January 2019. The Corporate Debtor was ordered to be liquidated, and the Appellant was appointed as Liquidator. The Respondent succeeded in an Arbitration proceeding against the Corporate Debtor and an ex parte award was
…The Adjudicating Authority admitted the Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of CIRP vide order dated 20th January 2019. As no resolution was approved, the Corporate Debtor was ordered to be liquidated, and the Appellant was appointed as Liquidator. The Respondent succeeded in an Arbitration proceeding against the Corporate Debtor, and an ex parte award was passed in favor of the Respondent, granting them a lien over the equipment and goods lying at the site of the Corporate Debtor (Secured Assets). The Secured Assets, on which the Respondent had been granted lien or a charge, were already hypothecated to all other Secured Creditors vide Hypothecated Deed dated 24th September 2010. The Liquidator could not
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CIRP initiated against the Corporate Debtor…
The Adjudicating Authority passed the…
The appeal arises from an order dated 20th November 2019 passed by the Adjudicating Authority/National Company Law Tribunal, Chennai Bench, Chennai, which dismissed Miscellaneous Application No.1052 of 2019 in Company Petition (IB) No. CP/646/CB/2017. The application sought permission to sell the assets of Surana Power Limited in Liquidation under Regulation 32 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016. The CIRP was initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016, vide order dated 20th January 2019. The Corporate Debtor was ordered to be liquidated, and the Appellant was appointed as Liquidator. The Respondent succeeded in an Arbitration proceeding against the Corporate Debtor and an ex parte award was
…The Adjudicating Authority admitted the Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiation of CIRP vide order dated 20th January 2019. As no resolution was approved, the Corporate Debtor was ordered to be liquidated, and the Appellant was appointed as Liquidator. The Respondent succeeded in an Arbitration proceeding against the Corporate Debtor, and an ex parte award was passed in favor of the Respondent, granting them a lien over the equipment and goods lying at the site of the Corporate Debtor (Secured Assets). The Secured Assets, on which the Respondent had been granted lien or a charge, were already hypothecated to all other Secured Creditors vide Hypothecated Deed dated 24th September 2010. The Liquidator could not
…CIRP initiated against the Corporate Debtor…
The Adjudicating Authority passed the…