The Resolution Professional (RP) filed an appeal against the Adjudicating Authority's order, which denied directions to Axis Bank to release margin money held as fixed deposits against letters of credit established on behalf of the Corporate Debtor, Noslar International Limited. The RP claimed the release was necessary to keep the Corporate Debtor a going concern and to meet Corporate Insolvency Resolution Process (CIRP) costs. The Adjudicating Authority had previously dismissed the RP's application.
The Resolution Professional (RP) for Noslar International Limited filed an appeal against an order of the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench). The RP had filed an application (CA 622/2019) before the Adjudicating Authority seeking directions to Axis Bank to release margin money held as fixed deposits against letters of credit established by Axis Bank on behalf of the Corporate Debtor. The RP argued that the release of funds was necessary to keep the Corporate Debtor a going concern and to meet CIRP costs. The Adjudicating Authority dismissed the application. The Appellant stated that the Corporate Debtor was not in production when CIRP process was initiated. The Appellant also stated that today is the last date for this CIRP process
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The Appellant filed an Affidavit giving…
The appellate tribunal heard the learned…
The Resolution Professional (RP) filed an appeal against the Adjudicating Authority's order, which denied directions to Axis Bank to release margin money held as fixed deposits against letters of credit established on behalf of the Corporate Debtor, Noslar International Limited. The RP claimed the release was necessary to keep the Corporate Debtor a going concern and to meet Corporate Insolvency Resolution Process (CIRP) costs. The Adjudicating Authority had previously dismissed the RP's application.
The Resolution Professional (RP) for Noslar International Limited filed an appeal against an order of the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench). The RP had filed an application (CA 622/2019) before the Adjudicating Authority seeking directions to Axis Bank to release margin money held as fixed deposits against letters of credit established by Axis Bank on behalf of the Corporate Debtor. The RP argued that the release of funds was necessary to keep the Corporate Debtor a going concern and to meet CIRP costs. The Adjudicating Authority dismissed the application. The Appellant stated that the Corporate Debtor was not in production when CIRP process was initiated. The Appellant also stated that today is the last date for this CIRP process
…The Appellant filed an Affidavit giving…
The appellate tribunal heard the learned…