The Respondent, M/s. Omkara Assets Reconstruction Pvt. Ltd., filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against M/s. Anoushka Hospital Consultancy and Management Services Pvt. Ltd. ('Corporate Debtor'). The Appellant, a shareholder of the ‘Corporate Debtor', challenged the order passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which admitted the application. The Appellant argued that there was a dispute referred to Arbitration, a Consent Award was passed on 12.08.2016, and an execution case was pending. They contended that there was no default as per the consented award and, therefore, the application under Section 7 was not maintainable.
M/s. Omkara Assets Reconstruction Pvt. Ltd. (Respondent) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against M/s. Anoushka Hospital Consultancy and Management Services Pvt. Ltd. (Corporate Debtor). The application was admitted by the Adjudicating Authority. Nanubhai Nichhbhai Desai (Appellant), a shareholder of the Corporate Debtor, challenged the admission order. A dispute between the parties was referred to Arbitration, and a Consent Award was passed on 2016-08-12. An execution case related to the award was pending. The Corporate Debtor defaulted on payments amounting to Rs. 17,81,54,000/- including interest, as of 2016-11-30. The Appellant argued that the Respondent should have pursued the execution of the award instead of
…Sign in to view the parties.
A Consent Award was…
The Corporate Debtor defaulted on payments…
Sign in to view related legal provisions.
The Respondent, M/s. Omkara Assets Reconstruction Pvt. Ltd., filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against M/s. Anoushka Hospital Consultancy and Management Services Pvt. Ltd. ('Corporate Debtor'). The Appellant, a shareholder of the ‘Corporate Debtor', challenged the order passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which admitted the application. The Appellant argued that there was a dispute referred to Arbitration, a Consent Award was passed on 12.08.2016, and an execution case was pending. They contended that there was no default as per the consented award and, therefore, the application under Section 7 was not maintainable.
M/s. Omkara Assets Reconstruction Pvt. Ltd. (Respondent) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against M/s. Anoushka Hospital Consultancy and Management Services Pvt. Ltd. (Corporate Debtor). The application was admitted by the Adjudicating Authority. Nanubhai Nichhbhai Desai (Appellant), a shareholder of the Corporate Debtor, challenged the admission order. A dispute between the parties was referred to Arbitration, and a Consent Award was passed on 2016-08-12. An execution case related to the award was pending. The Corporate Debtor defaulted on payments amounting to Rs. 17,81,54,000/- including interest, as of 2016-11-30. The Appellant argued that the Respondent should have pursued the execution of the award instead of
…A Consent Award was…
The Corporate Debtor defaulted on payments…
Sign in to view related legal provisions.