The appeal was filed against the order passed by the Adjudicating Authority (National Company Law Tribunal), Cuttack Bench, which rejected an application filed by the Appellant, a member of the Stakeholders' Consultation Committee, under Rule 11 of the NCLT Rules 2016. The Corporate Debtor was insured, and an insurance claim was submitted after a fire. An insurance claim of Rs.4,07,08,081 was accepted and paid to the Corporate Debtor. The CIRP process was initiated, and the Liquidator appointed two surveyors to determine if a further claim should be pursued before the Consumer Forum. After receiving the surveyor reports, the Resolution Professional decided not to pursue any further claim on behalf of the Corporate Debtor.
The Corporate Debtor was insured under a 'Standard Fire and Special Perils Policy'. A fire broke out in the Corporate Debtor's premises, leading to an insurance claim. An insurance claim of Rs.4,07,08,081 was accepted and paid to the Corporate Debtor. The CIRP process was initiated. The Liquidator appointed two surveyors to assess whether a further claim should be pursued before the Consumer Forum. The Resolution Professional decided not to pursue any further claim after reviewing the surveyor reports. The Appellant, a member of the Stakeholders' Consultation Committee, filed an application to set aside the Liquidator's decision and direct the Liquidator to initiate legal proceedings against the Insurance Company for the recovery of the balance insurance claim amount
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The Adjudicating Authority (National Company…
The court heard the…
The appeal was filed against the order passed by the Adjudicating Authority (National Company Law Tribunal), Cuttack Bench, which rejected an application filed by the Appellant, a member of the Stakeholders' Consultation Committee, under Rule 11 of the NCLT Rules 2016. The Corporate Debtor was insured, and an insurance claim was submitted after a fire. An insurance claim of Rs.4,07,08,081 was accepted and paid to the Corporate Debtor. The CIRP process was initiated, and the Liquidator appointed two surveyors to determine if a further claim should be pursued before the Consumer Forum. After receiving the surveyor reports, the Resolution Professional decided not to pursue any further claim on behalf of the Corporate Debtor.
The Corporate Debtor was insured under a 'Standard Fire and Special Perils Policy'. A fire broke out in the Corporate Debtor's premises, leading to an insurance claim. An insurance claim of Rs.4,07,08,081 was accepted and paid to the Corporate Debtor. The CIRP process was initiated. The Liquidator appointed two surveyors to assess whether a further claim should be pursued before the Consumer Forum. The Resolution Professional decided not to pursue any further claim after reviewing the surveyor reports. The Appellant, a member of the Stakeholders' Consultation Committee, filed an application to set aside the Liquidator's decision and direct the Liquidator to initiate legal proceedings against the Insurance Company for the recovery of the balance insurance claim amount
…The Adjudicating Authority (National Company…
The court heard the…