This case involves an appeal against an order dated 05.03.2020, where the NCLT admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating CIRP against the Corporate Debtor, MP Agro BRK Energy Foods Limited. The appellant, a suspended director, argues that the Tribunal did not pass a speaking order while admitting the application, particularly concerning objections raised by Respondent No. 2 (Corporate Debtor). The appellant contends that the objections were mentioned in the impugned order but not adequately discussed or considered in the observations and final order.
The Respondent No. 1 (Bank of India) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the 'Corporate Debtor' ('MP Agro BRK Energy Foods Limited'). The NCLT admitted the application on 05.03.2020. The Appellant, a suspended director of the Corporate Debtor, appealed, arguing that the NCLT did not pass a speaking order, failing to address objections raised by Respondent No. 2 (Corporate Debtor). The Appellant claimed the Corporate Debtor is an MSME and the account was standard as of 31.08.2017, before being declared NPA on 30.09.2017. The Appellant's account was operational, and a certificate was issued by Respondent No. 1 on 17.04.2018. The Respondent No. 1 ('Financial Creditor') filed the Application in Form-1
…Sign in to view the parties.
NCLT admitted an application under Section 7 of…
The account of…
This case involves an appeal against an order dated 05.03.2020, where the NCLT admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating CIRP against the Corporate Debtor, MP Agro BRK Energy Foods Limited. The appellant, a suspended director, argues that the Tribunal did not pass a speaking order while admitting the application, particularly concerning objections raised by Respondent No. 2 (Corporate Debtor). The appellant contends that the objections were mentioned in the impugned order but not adequately discussed or considered in the observations and final order.
The Respondent No. 1 (Bank of India) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the 'Corporate Debtor' ('MP Agro BRK Energy Foods Limited'). The NCLT admitted the application on 05.03.2020. The Appellant, a suspended director of the Corporate Debtor, appealed, arguing that the NCLT did not pass a speaking order, failing to address objections raised by Respondent No. 2 (Corporate Debtor). The Appellant claimed the Corporate Debtor is an MSME and the account was standard as of 31.08.2017, before being declared NPA on 30.09.2017. The Appellant's account was operational, and a certificate was issued by Respondent No. 1 on 17.04.2018. The Respondent No. 1 ('Financial Creditor') filed the Application in Form-1
…NCLT admitted an application under Section 7 of…
The account of…