The case involves an appeal against an order dated December 11, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, which ordered the liquidation of the Corporate Debtor, M/s Muskaan Power Infrastructure Ltd. The Appellant, Mr. Ravi Mahajan, promoter of the Corporate Debtor, preferred the appeal. The initiation of the Corporate Insolvency Resolution Process (CIRP) had been previously set aside by the Appellate Tribunal on December 6, 2017, and this order was further set aside by the Supreme Court on August 3, 2018. The appellant argued for the exclusion of time spent in litigation before the Supreme Court (232 days) from the 270-day period for CIRP.
Mr. Ravi Mahajan, the promoter of M/s Muskaan Power Infrastructure Ltd. (the Corporate Debtor), filed an appeal against the liquidation order passed by the Adjudicating Authority (NCLT), Chandigarh Bench, on December 11, 2018. The Corporate Insolvency Resolution Process (CIRP) had been initiated but was set aside by the Appellate Tribunal on December 6, 2017. This order was further set aside by the Supreme Court on August 3, 2018. The appellant sought exclusion of 232 days spent in litigation before the Supreme Court from the 270-day CIRP period. The Financial Creditor opposed this, stating that the Supreme Court's stay order allowed the Resolution Professional to continue, limiting the exclusion to 8 days. The Appellant argued that the Corporate Debtor, being a Small
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The case involves an appeal against an order dated December 11, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, which ordered the liquidation of the Corporate Debtor, M/s Muskaan Power Infrastructure Ltd. The Appellant, Mr. Ravi Mahajan, promoter of the Corporate Debtor, preferred the appeal. The initiation of the Corporate Insolvency Resolution Process (CIRP) had been previously set aside by the Appellate Tribunal on December 6, 2017, and this order was further set aside by the Supreme Court on August 3, 2018. The appellant argued for the exclusion of time spent in litigation before the Supreme Court (232 days) from the 270-day period for CIRP.
Mr. Ravi Mahajan, the promoter of M/s Muskaan Power Infrastructure Ltd. (the Corporate Debtor), filed an appeal against the liquidation order passed by the Adjudicating Authority (NCLT), Chandigarh Bench, on December 11, 2018. The Corporate Insolvency Resolution Process (CIRP) had been initiated but was set aside by the Appellate Tribunal on December 6, 2017. This order was further set aside by the Supreme Court on August 3, 2018. The appellant sought exclusion of 232 days spent in litigation before the Supreme Court from the 270-day CIRP period. The Financial Creditor opposed this, stating that the Supreme Court's stay order allowed the Resolution Professional to continue, limiting the exclusion to 8 days. The Appellant argued that the Corporate Debtor, being a Small
…The Appellate Tribunal set aside the…
The Hon'ble Supreme…
Sign in to view related legal provisions.