The appeal was filed by Namdev Hindurao Patil, the suspended director and a resolution applicant of Warana Dairy and Agro Industries Ltd. (Corporate Debtor), against the order dated 19.04.2023 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which allowed the liquidation of the Corporate Debtor. The appellant challenged the rejection of his resolution plan and the decision to liquidate the Corporate Debtor, arguing that he was wrongly declared a willful defaulter and that the liquidation was against the spirit of the Insolvency and Bankruptcy Code (IBC). The appellant also contended that the Corporate Debtor was a going concern and an MSME, and its liquidation would harm numerous employees and farmers.
Namdev Hindurao Patil, the appellant, was a suspended director and resolution applicant of Warana Dairy and Agro Industries Ltd., the Corporate Debtor. The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Punjab National Bank (International) Ltd., which was admitted on 16.09.2021. The appellant was declared a willful defaulter by IDBI Bank Limited on 19.07.2021 and 04.10.2021. The appellant challenged this declaration in various legal forums, including the High Court of Bombay and Civil Court, Kolhapur, but did not obtain a stay. The appellant submitted a Resolution Plan on 12.05.2022, which was considered in multiple Committee of Creditors (CoC) meetings.
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IDBI Bank Limited…
Corporate Insolvency Resolution Process (CIRP)…
The appeal was filed by Namdev Hindurao Patil, the suspended director and a resolution applicant of Warana Dairy and Agro Industries Ltd. (Corporate Debtor), against the order dated 19.04.2023 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which allowed the liquidation of the Corporate Debtor. The appellant challenged the rejection of his resolution plan and the decision to liquidate the Corporate Debtor, arguing that he was wrongly declared a willful defaulter and that the liquidation was against the spirit of the Insolvency and Bankruptcy Code (IBC). The appellant also contended that the Corporate Debtor was a going concern and an MSME, and its liquidation would harm numerous employees and farmers.
Namdev Hindurao Patil, the appellant, was a suspended director and resolution applicant of Warana Dairy and Agro Industries Ltd., the Corporate Debtor. The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Punjab National Bank (International) Ltd., which was admitted on 16.09.2021. The appellant was declared a willful defaulter by IDBI Bank Limited on 19.07.2021 and 04.10.2021. The appellant challenged this declaration in various legal forums, including the High Court of Bombay and Civil Court, Kolhapur, but did not obtain a stay. The appellant submitted a Resolution Plan on 12.05.2022, which was considered in multiple Committee of Creditors (CoC) meetings.
…IDBI Bank Limited…
Corporate Insolvency Resolution Process (CIRP)…