This is a Company Appeal filed under Section 61 of the Insolvency & Bankruptcy Code, 2016 (IBC) by two Appellants, who claim to be ex-Directors of M/s Gupta Marriage Halls Pvt Ltd (Corporate Debtor). The appeal challenges an order dated 04.01.2021 passed by the Adjudicating Authority, National Company Law Tribunal, Division Bench, Court III, New Delhi. The Adjudicating Authority allowed a petition filed under Section 33(2) of the IBC in IA No.5289(ND)/2020 in CP (IB) No.979 (ND) of 2019, initiating liquidation proceedings against the Corporate Debtor.
Punjab National Bank filed an application under Section 7 of the IBC against M/s Gupta Marriage Halls Pvt Ltd (Corporate Debtor) due to outstanding debt. The Adjudicating Authority initiated CIRP on 03.09.2019. The Corporate Debtor's account was declared NPA on 29.07.2016. The Corporate Debtor had availed term loans and overdraft facilities which were restructured on 31.03.2017. Despite notices, the Corporate Debtor did not enter an appearance. No resolution plan was approved during the CIRP. The Resolution Professional (RP) filed a petition under Section 33(2) of the IBC for liquidation. The Committee of Creditors (CoC) voted with 100% voting share for liquidation. The appellants, ex-directors of the Corporate Debtor, allegedly did not cooperate with the RP by
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This is a Company Appeal filed under Section 61 of the Insolvency & Bankruptcy Code, 2016 (IBC) by two Appellants, who claim to be ex-Directors of M/s Gupta Marriage Halls Pvt Ltd (Corporate Debtor). The appeal challenges an order dated 04.01.2021 passed by the Adjudicating Authority, National Company Law Tribunal, Division Bench, Court III, New Delhi. The Adjudicating Authority allowed a petition filed under Section 33(2) of the IBC in IA No.5289(ND)/2020 in CP (IB) No.979 (ND) of 2019, initiating liquidation proceedings against the Corporate Debtor.
Punjab National Bank filed an application under Section 7 of the IBC against M/s Gupta Marriage Halls Pvt Ltd (Corporate Debtor) due to outstanding debt. The Adjudicating Authority initiated CIRP on 03.09.2019. The Corporate Debtor's account was declared NPA on 29.07.2016. The Corporate Debtor had availed term loans and overdraft facilities which were restructured on 31.03.2017. Despite notices, the Corporate Debtor did not enter an appearance. No resolution plan was approved during the CIRP. The Resolution Professional (RP) filed a petition under Section 33(2) of the IBC for liquidation. The Committee of Creditors (CoC) voted with 100% voting share for liquidation. The appellants, ex-directors of the Corporate Debtor, allegedly did not cooperate with the RP by
…The account of the…
The Adjudicating Authority initiated…