This case involves a challenge to an order passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, which allowed an application by Mr. Piyush Patel, a promoter of M/s. Shipraj Developers Private Limited (the Corporate Debtor). The application sought a stay on the Corporate Insolvency Resolution Process (CIRP) and cancellation of Mr. Mukesh Desai's claim as a Financial Creditor. The NCLT allowed the application, leading to the present appeal.
M/s. Nuvoco Vistas Corporation Limited initiated CIRP against Shipraj Developers Private Limited ('Corporate Debtor') under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2019-07-24, and an Interim Resolution Professional (IRP) was appointed. During the CIRP, the 'Corporate Debtor' filed I.A. 752 of 2019 seeking a stay on the CIRP, cancellation of Mukesh Desai's claim as a Financial Creditor, and payment to R-3 from the company's current account. Mukesh Desai, the Appellant, was the sole member of the constituted CoC. The 'Corporate Debtor' objected to Mukesh Desai's inclusion as a 'Financial Creditor' because he was a partner in the 'Corporate Debtor's' project, owning 25% shares in the land. Mukesh Desai allegedly paid
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A Memorandum of Understanding (MoU) was…
CIRP was initiated against Shipraj Developers…
This case involves a challenge to an order passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, which allowed an application by Mr. Piyush Patel, a promoter of M/s. Shipraj Developers Private Limited (the Corporate Debtor). The application sought a stay on the Corporate Insolvency Resolution Process (CIRP) and cancellation of Mr. Mukesh Desai's claim as a Financial Creditor. The NCLT allowed the application, leading to the present appeal.
M/s. Nuvoco Vistas Corporation Limited initiated CIRP against Shipraj Developers Private Limited ('Corporate Debtor') under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2019-07-24, and an Interim Resolution Professional (IRP) was appointed. During the CIRP, the 'Corporate Debtor' filed I.A. 752 of 2019 seeking a stay on the CIRP, cancellation of Mukesh Desai's claim as a Financial Creditor, and payment to R-3 from the company's current account. Mukesh Desai, the Appellant, was the sole member of the constituted CoC. The 'Corporate Debtor' objected to Mukesh Desai's inclusion as a 'Financial Creditor' because he was a partner in the 'Corporate Debtor's' project, owning 25% shares in the land. Mukesh Desai allegedly paid
…A Memorandum of Understanding (MoU) was…
CIRP was initiated against Shipraj Developers…