The case involves appeals against orders of liquidation passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 ('I&B Code') for 'Hindustan Dorr-Oliver Limited' and ‘HDO Technologies Limited'. Earlier, resolution applicants had withdrawn their appeals. The appeals were preferred by the management of the corporate debtors.
The management of 'Hindustan Dorr-Oliver Limited' and ‘HDO Technologies Limited' filed appeals against the orders of liquidation passed by the Adjudicating Authority (NCLT) Mumbai Bench. The orders were issued under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had directed liquidation of both companies. Earlier, resolution applicants had withdrawn their appeals. The court noted that there was no resolution plan in place. The learned counsel for the management (Appellant) submitted that the liquidator should keep the companies as a 'going concern' even during liquidation and can take steps under Section 230 of the Companies Act, 2013. The learned counsel for the liquidator submitted that the liquidator will ensure that both
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The case involves appeals against orders of liquidation passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai Bench under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 ('I&B Code') for 'Hindustan Dorr-Oliver Limited' and ‘HDO Technologies Limited'. Earlier, resolution applicants had withdrawn their appeals. The appeals were preferred by the management of the corporate debtors.
The management of 'Hindustan Dorr-Oliver Limited' and ‘HDO Technologies Limited' filed appeals against the orders of liquidation passed by the Adjudicating Authority (NCLT) Mumbai Bench. The orders were issued under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had directed liquidation of both companies. Earlier, resolution applicants had withdrawn their appeals. The court noted that there was no resolution plan in place. The learned counsel for the management (Appellant) submitted that the liquidator should keep the companies as a 'going concern' even during liquidation and can take steps under Section 230 of the Companies Act, 2013. The learned counsel for the liquidator submitted that the liquidator will ensure that both
…The Adjudicating Authority (National Company…
The Hon'ble Supreme Court in ‘Swiss Ribbons…