The 'Resolution Process' for M/s. Gemini Communication Limited failed, leading the ‘Resolution Professional' to file an application under Section 33 of the ‘Insolvency and Bankruptcy Code, 2016' before the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai. The Adjudicating Authority passed an order of liquidation dated 26th February, 2019. The appellants, directors of the corporate debtor, submitted that the liquidation value of the property is Rs.3 Crores, while the ‘Promoters' are willing to pay Rs.30 Crores. This submission was not accepted due to non-entitlement under Section 29A of the I&B Code.
The 'Resolution Process' for M/s. Gemini Communication Limited failed, leading to liquidation. The liquidation order was passed on February 26, 2019. The appellants, who are directors of the company, stated that the liquidation value is Rs.3 Crores, while the promoters are willing to pay Rs.30 Crores. The Appellate Tribunal referred to several Supreme Court judgments, including 'Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors.' and 'Meghal Homes Pvt. Ltd.', to emphasize that liquidation should be the last resort. The Tribunal also referred to Section 230 of the Companies Act, 2013, which allows for compromise or arrangement with creditors and members, even during liquidation. The liquidator is directed to take steps to sell the business of the ‘Corporate
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The 'Resolution Process' for M/s. Gemini Communication Limited failed, leading the ‘Resolution Professional' to file an application under Section 33 of the ‘Insolvency and Bankruptcy Code, 2016' before the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai. The Adjudicating Authority passed an order of liquidation dated 26th February, 2019. The appellants, directors of the corporate debtor, submitted that the liquidation value of the property is Rs.3 Crores, while the ‘Promoters' are willing to pay Rs.30 Crores. This submission was not accepted due to non-entitlement under Section 29A of the I&B Code.
The 'Resolution Process' for M/s. Gemini Communication Limited failed, leading to liquidation. The liquidation order was passed on February 26, 2019. The appellants, who are directors of the company, stated that the liquidation value is Rs.3 Crores, while the promoters are willing to pay Rs.30 Crores. The Appellate Tribunal referred to several Supreme Court judgments, including 'Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors.' and 'Meghal Homes Pvt. Ltd.', to emphasize that liquidation should be the last resort. The Tribunal also referred to Section 230 of the Companies Act, 2013, which allows for compromise or arrangement with creditors and members, even during liquidation. The liquidator is directed to take steps to sell the business of the ‘Corporate
…The Adjudicating…
The Appellate Tribunal…