Rajan Gupta, Director/Shareholder of Bhola Baba EXIM Pvt. Ltd., filed an appeal against the order dated 16th May, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) filed by Ashok Kumar Sharma, Proprietor, Alloysmin Industries. The appeal was filed before the National Company Law Appellate Tribunal (NCLAT).
Rajan Gupta, representing Bhola Baba EXIM Pvt. Ltd., appealed against an order admitting an insolvency application filed by Ashok Kumar Sharma of Alloysmin Industries under Section 9 of the Insolvency and Bankruptcy Code. During the appeal process, the parties reached a settlement on May 22, 2019. A draft settlement of Rs. 13,22,927/- was presented. The Committee of Creditors had not yet been formed. The Interim Resolution Professional had already performed duties for more than 10 days, incurring costs of Rs. 12,000/-. A draft from Punjab National Bank for Rs. 13,22,927/- was issued to Alloysmin Industries. The NCLAT assessed the fee and cost of the Interim Resolution Professional at Rs. 1,22,000/-. The key fact is the settlement between the parties, which led to the
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The Adjudicating Authority (National Company…
The parties reached a settlement on 22nd May,…
Rajan Gupta, Director/Shareholder of Bhola Baba EXIM Pvt. Ltd., filed an appeal against the order dated 16th May, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, which admitted an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) filed by Ashok Kumar Sharma, Proprietor, Alloysmin Industries. The appeal was filed before the National Company Law Appellate Tribunal (NCLAT).
Rajan Gupta, representing Bhola Baba EXIM Pvt. Ltd., appealed against an order admitting an insolvency application filed by Ashok Kumar Sharma of Alloysmin Industries under Section 9 of the Insolvency and Bankruptcy Code. During the appeal process, the parties reached a settlement on May 22, 2019. A draft settlement of Rs. 13,22,927/- was presented. The Committee of Creditors had not yet been formed. The Interim Resolution Professional had already performed duties for more than 10 days, incurring costs of Rs. 12,000/-. A draft from Punjab National Bank for Rs. 13,22,927/- was issued to Alloysmin Industries. The NCLAT assessed the fee and cost of the Interim Resolution Professional at Rs. 1,22,000/-. The key fact is the settlement between the parties, which led to the
…The Adjudicating Authority (National Company…
The parties reached a settlement on 22nd May,…