The case involves multiple appeals (Company Appeal (AT) (Insolvency) No. 543, 544, 571, and 598 of 2018) against a common order dated August 20, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench. The Adjudicating Authority considered allegations made by the Resolution Professional regarding fraud and misappropriation in Tejkamal Pharmaceuticals Pvt. Ltd., and directed the Central Government to investigate through the SFIO. The appeals challenge this order, arguing that the Adjudicating Authority lacked jurisdiction to direct the Central Government to investigate under Section 213 of the Companies Act.
The 'Corporate Insolvency Resolution Process' was initiated against ‘Tejkamal Pharmaceuticals Pvt. Ltd.' Mrs. Ramanathan Bhuvaneshwari was appointed as ‘Resolution Professional'. The Resolution Professional filed an application under Section 66 of the I&B Code, leading to the impugned order passed on August 20, 2018, directing the Central Government to investigate through SFIO. The appellants challenged the order, arguing the Adjudicating Authority lacked jurisdiction under Section 213 of the Companies Act. During the appeal, an application for withdrawal of the company petition was moved under Section 12A and approved by the Committee of Creditors with over 90% voting share. The Adjudicating Authority allowed the withdrawal on November 19, 2018. The appeals
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The Adjudicating Authority (NCLT), Bengaluru…
The Adjudicating Authority allowed the…
The case involves multiple appeals (Company Appeal (AT) (Insolvency) No. 543, 544, 571, and 598 of 2018) against a common order dated August 20, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Bengaluru Bench. The Adjudicating Authority considered allegations made by the Resolution Professional regarding fraud and misappropriation in Tejkamal Pharmaceuticals Pvt. Ltd., and directed the Central Government to investigate through the SFIO. The appeals challenge this order, arguing that the Adjudicating Authority lacked jurisdiction to direct the Central Government to investigate under Section 213 of the Companies Act.
The 'Corporate Insolvency Resolution Process' was initiated against ‘Tejkamal Pharmaceuticals Pvt. Ltd.' Mrs. Ramanathan Bhuvaneshwari was appointed as ‘Resolution Professional'. The Resolution Professional filed an application under Section 66 of the I&B Code, leading to the impugned order passed on August 20, 2018, directing the Central Government to investigate through SFIO. The appellants challenged the order, arguing the Adjudicating Authority lacked jurisdiction under Section 213 of the Companies Act. During the appeal, an application for withdrawal of the company petition was moved under Section 12A and approved by the Committee of Creditors with over 90% voting share. The Adjudicating Authority allowed the withdrawal on November 19, 2018. The appeals
…The Adjudicating Authority (NCLT), Bengaluru…
The Adjudicating Authority allowed the…