The case involves an appeal against the Adjudicating Authority's order rejecting the exclusion of a certain period from the Corporate Insolvency Resolution Process (CIRP) of SEL Manufacturing Company Limited. The CIRP was initiated on April 11, 2018, following an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) by the State Bank of India. During the pendency of the case, the Promoters moved before the High Court of Punjab and Haryana, and the matter was stayed by orders passed by the Punjab and Haryana High Court and the Supreme Court. The Resolution Professional filed an application before the Adjudicating Authority (National Company Law Tribunal) for exclusion of more than 100 days.
The Corporate Insolvency Resolution Process (CIRP) was initiated against SEL Manufacturing Company Limited on April 11, 2018, based on an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) filed by the State Bank of India. The Promoters of the company moved before the High Court of Punjab and Haryana, leading to a stay of the proceedings. The matter was also taken up by the Supreme Court. Due to these legal challenges and interim orders, the CIRP could not proceed effectively. The Resolution Professional, at the instance of the Committee of Creditors, filed an application before the Adjudicating Authority (National Company Law Tribunal) seeking exclusion of a period exceeding 100 days from the CIRP timeline. The Adjudicating Authority
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Corporate Insolvency Resolution Process…
The Hon'ble High Court of Punjab and Haryana…
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The case involves an appeal against the Adjudicating Authority's order rejecting the exclusion of a certain period from the Corporate Insolvency Resolution Process (CIRP) of SEL Manufacturing Company Limited. The CIRP was initiated on April 11, 2018, following an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) by the State Bank of India. During the pendency of the case, the Promoters moved before the High Court of Punjab and Haryana, and the matter was stayed by orders passed by the Punjab and Haryana High Court and the Supreme Court. The Resolution Professional filed an application before the Adjudicating Authority (National Company Law Tribunal) for exclusion of more than 100 days.
The Corporate Insolvency Resolution Process (CIRP) was initiated against SEL Manufacturing Company Limited on April 11, 2018, based on an application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) filed by the State Bank of India. The Promoters of the company moved before the High Court of Punjab and Haryana, leading to a stay of the proceedings. The matter was also taken up by the Supreme Court. Due to these legal challenges and interim orders, the CIRP could not proceed effectively. The Resolution Professional, at the instance of the Committee of Creditors, filed an application before the Adjudicating Authority (National Company Law Tribunal) seeking exclusion of a period exceeding 100 days from the CIRP timeline. The Adjudicating Authority
…Corporate Insolvency Resolution Process…
The Hon'ble High Court of Punjab and Haryana…
Sign in to view related legal provisions.