The Appellant filed an appeal before the NCLAT against an order of the NCLT, Ahmedabad Bench, related to I.A. No. 116/2020 in CP (IB) No. 157/NCLT/AHM/2018. The appellant claimed the NCLT orally refused to grant any interim relief and posted the matter for consideration after the end of the Corporate Insolvency Resolution Process (CIRP). The appellant contended that they had furnished a revised resolution plan that would be better than the third respondent's resolution plan and sought a direction for the Committee of Creditors (CoC) to consider it.
Panch Tatva Promoters Pvt. Ltd. filed an appeal against GPT Steel Industries Ltd. before the NCLAT, challenging an order of the NCLT, Ahmedabad Bench. The appellant's grievance was that the NCLT orally refused to grant interim relief in I.A. No. 116/2020 and posted the matter for consideration after the CIRP's end. The appellant claimed to have submitted a revised resolution plan that would maximize the value of the Corporate Debtor's assets and sought a direction for the CoC to consider it. The NCLT had heard I.A. No. 116/2020 on 13.02.2020 and 18.02.2020, posting it to 25.02.2020 without granting any interim relief. The appellant argued that the NCLT failed to exercise its jurisdiction by not granting interim orders or passing directions to the Resolution
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The Appellant filed an appeal before the NCLAT against an order of the NCLT, Ahmedabad Bench, related to I.A. No. 116/2020 in CP (IB) No. 157/NCLT/AHM/2018. The appellant claimed the NCLT orally refused to grant any interim relief and posted the matter for consideration after the end of the Corporate Insolvency Resolution Process (CIRP). The appellant contended that they had furnished a revised resolution plan that would be better than the third respondent's resolution plan and sought a direction for the Committee of Creditors (CoC) to consider it.
Panch Tatva Promoters Pvt. Ltd. filed an appeal against GPT Steel Industries Ltd. before the NCLAT, challenging an order of the NCLT, Ahmedabad Bench. The appellant's grievance was that the NCLT orally refused to grant interim relief in I.A. No. 116/2020 and posted the matter for consideration after the CIRP's end. The appellant claimed to have submitted a revised resolution plan that would maximize the value of the Corporate Debtor's assets and sought a direction for the CoC to consider it. The NCLT had heard I.A. No. 116/2020 on 13.02.2020 and 18.02.2020, posting it to 25.02.2020 without granting any interim relief. The appellant argued that the NCLT failed to exercise its jurisdiction by not granting interim orders or passing directions to the Resolution
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