The appeal was filed against an order dated 20.01.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Mumbai) in M.A 3564 of 2019 (Contempt Petition) in C.P. (IB) 1084/(MB)/2019. The Respondent No. 1 had filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the Appellant for an amount of Rs. 10.92 Crores. During the proceedings, the parties had entered into a settlement on 18.09.2019. Subsequently, the Respondent filed a Contempt Petition alleging breach of the consent terms.
Rajendra Mulchand Verma & Anr. (Appellant) faced an insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by K.L.J. Resources Ltd. & Anr. (Respondent) for Rs. 10.92 Crores. The application was assigned CP (IB) No. 1084/MB/2019. During the proceedings, both parties reached a settlement on 18.09.2019. The Adjudicating Authority allowed the withdrawal of the petition based on the consent terms. Subsequently, the Respondent filed a Contempt Petition (Misc. Application No. 3564 of 2019) alleging a breach of the consent terms. The Adjudicating Authority then ordered the applicant to file an FIR. The Appellant challenged the validity of this order, arguing that filing a contempt petition was unwarranted after the initial petition
…Sign in to view the parties.
The Adjudicating Authority passed an order in…
Parties entered into a…
Sign in to view related legal provisions.
The appeal was filed against an order dated 20.01.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Mumbai) in M.A 3564 of 2019 (Contempt Petition) in C.P. (IB) 1084/(MB)/2019. The Respondent No. 1 had filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against the Appellant for an amount of Rs. 10.92 Crores. During the proceedings, the parties had entered into a settlement on 18.09.2019. Subsequently, the Respondent filed a Contempt Petition alleging breach of the consent terms.
Rajendra Mulchand Verma & Anr. (Appellant) faced an insolvency application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by K.L.J. Resources Ltd. & Anr. (Respondent) for Rs. 10.92 Crores. The application was assigned CP (IB) No. 1084/MB/2019. During the proceedings, both parties reached a settlement on 18.09.2019. The Adjudicating Authority allowed the withdrawal of the petition based on the consent terms. Subsequently, the Respondent filed a Contempt Petition (Misc. Application No. 3564 of 2019) alleging a breach of the consent terms. The Adjudicating Authority then ordered the applicant to file an FIR. The Appellant challenged the validity of this order, arguing that filing a contempt petition was unwarranted after the initial petition
…The Adjudicating Authority passed an order in…
Parties entered into a…
Sign in to view related legal provisions.