The case involves a Company Appeal (AT) (Insolvency) No. 1527 of 2019 before the National Company Law Appellate Tribunal, New Delhi. The appellant, Rohit Ramesh, filed a case against the respondent, J. Sridhar, Sole Proprietor, Loyal Enterprises & Ors. The learned counsel for the Appellant submitted that before the constitution of the Committee of Creditors, the Memorandum of Terms of Compromise between the Operational Creditor and Appellant – Director was filed before the Adjudicating Authority (National Company Law Tribunal), Division Bench Chennai on 9th December, 2019. The Committee of Creditors having been constituted subsequently, the Adjudicating Authority could have entertained the matter under Rule 11 of the NCLT Rules, 2016, instead of application under
…Rohit Ramesh filed an appeal against J. Sridhar, Sole Proprietor, Loyal Enterprises & Ors. A Memorandum of Terms of Compromise between the Operational Creditor and Appellant – Director was filed with the Adjudicating Authority before the Committee of Creditors was constituted. The Adjudicating Authority was the National Company Law Tribunal, Division Bench Chennai. The filing occurred on December 9, 2019. The Corporate Debtor is involved in the football league business, specifically the India Super League (ISL). The Interim Resolution Professional is directed to ensure the company remains a going concern and is authorized to sign bank cheques with counter signature. The bank accounts of the Corporate Debtor are allowed to be operated for day-to-day functioning.
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The Memorandum of Terms of Compromise between…
Learned counsel for the Appellant submits…
The case involves a Company Appeal (AT) (Insolvency) No. 1527 of 2019 before the National Company Law Appellate Tribunal, New Delhi. The appellant, Rohit Ramesh, filed a case against the respondent, J. Sridhar, Sole Proprietor, Loyal Enterprises & Ors. The learned counsel for the Appellant submitted that before the constitution of the Committee of Creditors, the Memorandum of Terms of Compromise between the Operational Creditor and Appellant – Director was filed before the Adjudicating Authority (National Company Law Tribunal), Division Bench Chennai on 9th December, 2019. The Committee of Creditors having been constituted subsequently, the Adjudicating Authority could have entertained the matter under Rule 11 of the NCLT Rules, 2016, instead of application under
…Rohit Ramesh filed an appeal against J. Sridhar, Sole Proprietor, Loyal Enterprises & Ors. A Memorandum of Terms of Compromise between the Operational Creditor and Appellant – Director was filed with the Adjudicating Authority before the Committee of Creditors was constituted. The Adjudicating Authority was the National Company Law Tribunal, Division Bench Chennai. The filing occurred on December 9, 2019. The Corporate Debtor is involved in the football league business, specifically the India Super League (ISL). The Interim Resolution Professional is directed to ensure the company remains a going concern and is authorized to sign bank cheques with counter signature. The bank accounts of the Corporate Debtor are allowed to be operated for day-to-day functioning.
The Memorandum of Terms of Compromise between…
Learned counsel for the Appellant submits…