The appeal was preferred against the order passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in CP No. (IB) 61/10/NCLT/AHM/2018 dated September 17, 2020. The Adjudicating Authority rejected the Appellant's application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Appellant, Neesa Infrastructure Limited, filed the application seeking initiation of Corporate Insolvency Resolution Process (CIRP) under Section 10, stating the company was unable to meet its day-to-day financial requirements and pay its Financial Creditors due to unfavorable marketing conditions and competition, leading to debt. The Appellant argued that the Section 10 application was filed through its Promoters because all Directors were
…Neesa Infrastructure Limited, the Appellant and Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed through its Promoters, Mr. Sanjay Gupta and Mrs. Neelu Gupta, because the Directors were disqualified under Section 164 of the Companies Act, 2013. The company claimed it was unable to meet its financial obligations due to unfavorable market conditions. The Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) rejected the application. The Adjudicating Authority found discrepancies in the shareholding details provided by Ms. Neelu Gupta and noted the absence of a special resolution for filing the application,
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The appeal was preferred against the order passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) in CP No. (IB) 61/10/NCLT/AHM/2018 dated September 17, 2020. The Adjudicating Authority rejected the Appellant's application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Appellant, Neesa Infrastructure Limited, filed the application seeking initiation of Corporate Insolvency Resolution Process (CIRP) under Section 10, stating the company was unable to meet its day-to-day financial requirements and pay its Financial Creditors due to unfavorable marketing conditions and competition, leading to debt. The Appellant argued that the Section 10 application was filed through its Promoters because all Directors were
…Neesa Infrastructure Limited, the Appellant and Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed through its Promoters, Mr. Sanjay Gupta and Mrs. Neelu Gupta, because the Directors were disqualified under Section 164 of the Companies Act, 2013. The company claimed it was unable to meet its financial obligations due to unfavorable market conditions. The Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) rejected the application. The Adjudicating Authority found discrepancies in the shareholding details provided by Ms. Neelu Gupta and noted the absence of a special resolution for filing the application,
…The Adjudicating Authority, National Company…
Sale Certificate was…