The appeal was filed by Satish Kumar, the suspended director of Lion Buildcon Pvt. Ltd. (Corporate Debtor), under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the order dated 03.07.2024 passed by the National Company Law Tribunal, New Delhi Bench (Court-II), which admitted Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The appellant contended that the Adjudicating Authority erroneously admitted CIRP against the corporate debtor solely as a recovery tool for Kaliber Associates Pvt. Ltd. (KAPL), which is in liquidation. The appellant argued that the liquidator of KAPL exceeded their statutory mandate by initiating CIRP against a third party and that the impugned order disregards the waterfall mechanism under section 53
…Satish Kumar, the suspended director of M/S Lion Buildcon Pvt. Ltd., filed an appeal against the order dated 03.07.2024 passed by the National Company Law Tribunal (NCLT), New Delhi, which initiated Corporate Insolvency Resolution Process (CIRP) against Lion Buildcon. M/s Kaliber Associates Private Limited, through its liquidator Mr. Mohan Lal Jain, filed a Section 7 application against Lion Buildcon, claiming a default of Rs. 2.5 crores. Kaliber Associates is itself undergoing liquidation. The appellant argued that the liquidator of Kaliber Associates exceeded their statutory mandate by initiating CIRP against a third party for recovery of dues. The appellant also contended that the alleged debt was not a financial debt as there was no written agreement. The
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The appeal was filed by Satish Kumar, the suspended director of Lion Buildcon Pvt. Ltd. (Corporate Debtor), under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the order dated 03.07.2024 passed by the National Company Law Tribunal, New Delhi Bench (Court-II), which admitted Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The appellant contended that the Adjudicating Authority erroneously admitted CIRP against the corporate debtor solely as a recovery tool for Kaliber Associates Pvt. Ltd. (KAPL), which is in liquidation. The appellant argued that the liquidator of KAPL exceeded their statutory mandate by initiating CIRP against a third party and that the impugned order disregards the waterfall mechanism under section 53
…Satish Kumar, the suspended director of M/S Lion Buildcon Pvt. Ltd., filed an appeal against the order dated 03.07.2024 passed by the National Company Law Tribunal (NCLT), New Delhi, which initiated Corporate Insolvency Resolution Process (CIRP) against Lion Buildcon. M/s Kaliber Associates Private Limited, through its liquidator Mr. Mohan Lal Jain, filed a Section 7 application against Lion Buildcon, claiming a default of Rs. 2.5 crores. Kaliber Associates is itself undergoing liquidation. The appellant argued that the liquidator of Kaliber Associates exceeded their statutory mandate by initiating CIRP against a third party for recovery of dues. The appellant also contended that the alleged debt was not a financial debt as there was no written agreement. The
…Rs. 2,00,00,000 was…
Rs. 50,00,000 was…