The appeal was filed by the Suspended Director of the Corporate Debtor challenging the order dated 19.11.2024 passed by the National Company Law Tribunal, Principal Bench, New Delhi, admitting a Section 7 petition filed by Respondent Nos. 1 to 43, who are Financial Creditors in a class and allottees of the project 'Raheja Shilas (Low Rise)'.
Respondent Nos. 1 to 43 filed a Section 7 petition under the Insolvency and Bankruptcy Code, 2016, alleging default on the part of the Corporate Debtor.
The Adjudicating Authority admitted the Section 7 application and appointed Mr. Manindra Kumar Tiwari as Interim Resolution Professional (IRP).
The Appellant contended that the CIRP should be confined to the 'Raheja Shilas (Low Rise)' project only, as the Financial Creditors are allottees of that specific project.
The Tribunal modified the order of the Adjudicating Authority to the extent that the CIRP against the Corporate Debtor shall be confined to its project 'Raheja Shilas (Low Rise)' only.
The Tribunal observed that the object of Corporate Insolvency Resolution Process (“CIRP") is to resolve the CD.
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The Adjudicating Authority passed an order…
The Appeal ca…
The appeal was filed by the Suspended Director of the Corporate Debtor challenging the order dated 19.11.2024 passed by the National Company Law Tribunal, Principal Bench, New Delhi, admitting a Section 7 petition filed by Respondent Nos. 1 to 43, who are Financial Creditors in a class and allottees of the project 'Raheja Shilas (Low Rise)'.
Respondent Nos. 1 to 43 filed a Section 7 petition under the Insolvency and Bankruptcy Code, 2016, alleging default on the part of the Corporate Debtor.
The Adjudicating Authority admitted the Section 7 application and appointed Mr. Manindra Kumar Tiwari as Interim Resolution Professional (IRP).
The Appellant contended that the CIRP should be confined to the 'Raheja Shilas (Low Rise)' project only, as the Financial Creditors are allottees of that specific project.
The Tribunal modified the order of the Adjudicating Authority to the extent that the CIRP against the Corporate Debtor shall be confined to its project 'Raheja Shilas (Low Rise)' only.
The Tribunal observed that the object of Corporate Insolvency Resolution Process (“CIRP") is to resolve the CD.
The Adjudicating Authority passed an order…
The Appeal ca…