These are appeals preferred by the Appellants-Shareholders against the order dated 1st November, 2018 passed by the Adjudicating Authority (National Company Law Tribunal) Chennai Bench, Chennai admitting the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by the Respondent 'Union Bank of India'- (‘Financial Creditor'). The Corporate Debtor is a Public Limited Company with about 24000 shareholders, and around 2000 families are dependent on it. The Adjudicating Authority admitted the application without notice to the ‘Corporate Debtor'.
The Union Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against a corporate debtor. The National Company Law Tribunal (NCLT) Chennai Bench admitted the application. Shareholders of the corporate debtor, filed appeals against the NCLT's order. The appellants contended that the application was admitted without notice to the corporate debtor. The court noted that notice was issued to the corporate debtor, and their counsel appeared before the Adjudicating Authority on multiple occasions. The corporate debtor is a public limited company with a large number of shareholders and families dependent on it.
Sign in to view the parties.
The Adjudicating Authority (National Company…
The National Company Law Appellate Tribunal…
These are appeals preferred by the Appellants-Shareholders against the order dated 1st November, 2018 passed by the Adjudicating Authority (National Company Law Tribunal) Chennai Bench, Chennai admitting the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by the Respondent 'Union Bank of India'- (‘Financial Creditor'). The Corporate Debtor is a Public Limited Company with about 24000 shareholders, and around 2000 families are dependent on it. The Adjudicating Authority admitted the application without notice to the ‘Corporate Debtor'.
The Union Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against a corporate debtor. The National Company Law Tribunal (NCLT) Chennai Bench admitted the application. Shareholders of the corporate debtor, filed appeals against the NCLT's order. The appellants contended that the application was admitted without notice to the corporate debtor. The court noted that notice was issued to the corporate debtor, and their counsel appeared before the Adjudicating Authority on multiple occasions. The corporate debtor is a public limited company with a large number of shareholders and families dependent on it.
The Adjudicating Authority (National Company…
The National Company Law Appellate Tribunal…