The case involves an appeal against an order dated 07.06.2022 passed by the National Company Law Tribunal (NCLT), New Delhi, Court-III, in I.A. 1678 of 2021 in CP (IB) No. 921 (ND) of 2020. The appellants, Mr. Rahul Gupta and Ms. Divya Gupta, who were members of the suspended board of directors of Gem Batteries Pvt Ltd, filed the appeal. The NCLT had allowed an application under Section 19(2) read with Section 19(3) of the Code read with Rule 11 of the NCLT Rules, 2016, and imposed a cost of Rs. 10,00,000/- each on the Appellants under Section 70 of the Code. The appellants contended that the NCLT failed to appreciate that Section 70 of the Code, which deals with offences and penalties, can only be invoked through a trial by a Special Court under Section 236 of the
…Mr. Rahul Gupta and Ms. Divya Gupta, members of the suspended board of directors of Gem Batteries Pvt Ltd, appealed against an order by the National Company Law Tribunal (NCLT), New Delhi. The NCLT imposed a cost of Rs. 10,00,000/- each on the Appellants under Section 70 of the Insolvency and Bankruptcy Code (IBC) for failing to cooperate during the Corporate Insolvency Resolution Process (CIRP). Gem Batteries Pvt Ltd. is a private limited company incorporated on 13.08.2003. CIRP was initiated against Gem Batteries Pvt Ltd. on 01.12.2020, and Mr. Chandra Prakash was appointed as the Interim Resolution Professional. The Appellants allegedly did not provide necessary documents and information to the Resolution Professional. The Respondent filed an Application being I.A.
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Corporate Insolvency…
The case involves an appeal against an order dated 07.06.2022 passed by the National Company Law Tribunal (NCLT), New Delhi, Court-III, in I.A. 1678 of 2021 in CP (IB) No. 921 (ND) of 2020. The appellants, Mr. Rahul Gupta and Ms. Divya Gupta, who were members of the suspended board of directors of Gem Batteries Pvt Ltd, filed the appeal. The NCLT had allowed an application under Section 19(2) read with Section 19(3) of the Code read with Rule 11 of the NCLT Rules, 2016, and imposed a cost of Rs. 10,00,000/- each on the Appellants under Section 70 of the Code. The appellants contended that the NCLT failed to appreciate that Section 70 of the Code, which deals with offences and penalties, can only be invoked through a trial by a Special Court under Section 236 of the
…Mr. Rahul Gupta and Ms. Divya Gupta, members of the suspended board of directors of Gem Batteries Pvt Ltd, appealed against an order by the National Company Law Tribunal (NCLT), New Delhi. The NCLT imposed a cost of Rs. 10,00,000/- each on the Appellants under Section 70 of the Insolvency and Bankruptcy Code (IBC) for failing to cooperate during the Corporate Insolvency Resolution Process (CIRP). Gem Batteries Pvt Ltd. is a private limited company incorporated on 13.08.2003. CIRP was initiated against Gem Batteries Pvt Ltd. on 01.12.2020, and Mr. Chandra Prakash was appointed as the Interim Resolution Professional. The Appellants allegedly did not provide necessary documents and information to the Resolution Professional. The Respondent filed an Application being I.A.
…Filing of CP (…
Corporate Insolvency…