The appeal was filed by the Director of the Corporate Debtor, M/s. Newgen Speciality Plastics Ltd., against an order dated 06th January, 2020, passed by the Adjudicating Authority (NCLT, New Delhi, Bench III). The Adjudicating Authority rejected C.A. No. 962/C-III/ND/2019 filed by Oriental Bank of Commerce (now Punjab National Bank) and others against Respondent No. 1, Amit Kumar (Resolution Professional), now Liquidator. The Adjudicating Authority accepted C.A. No. 452/C-III/ND/2019 filed by the Resolution Professional seeking an order for the liquidation of the Corporate Debtor. The appellant sought to set aside the impugned order and have the Resolution Plan considered and accepted by the CoC.
M/s. Newgen Speciality Plastics Limited faced insolvency proceedings initiated by M/s. Dynamic Star Security & Allied Services under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 19.11.2018. An IRP was initially appointed, followed by the appointment of Shri Anil Kumar as the Resolution Professional (RP). The Corporate Debtor was engaged in exporting plastic products and had received MSME awards. During the CIRP period, the promoters claimed to have secured orders worth Rs. 3.4 Crores. The RP presented CIRP expenses and reported losses during the CIRP period. The Appellant, Director of the Corporate Debtor, alleged that the RP distorted facts and misrepresented information to the CoC, leading to the decision to
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Application under Section 9 of Insolvency…
Adjudicating Authority (NCLT, New Delhi, Bench…
The appeal was filed by the Director of the Corporate Debtor, M/s. Newgen Speciality Plastics Ltd., against an order dated 06th January, 2020, passed by the Adjudicating Authority (NCLT, New Delhi, Bench III). The Adjudicating Authority rejected C.A. No. 962/C-III/ND/2019 filed by Oriental Bank of Commerce (now Punjab National Bank) and others against Respondent No. 1, Amit Kumar (Resolution Professional), now Liquidator. The Adjudicating Authority accepted C.A. No. 452/C-III/ND/2019 filed by the Resolution Professional seeking an order for the liquidation of the Corporate Debtor. The appellant sought to set aside the impugned order and have the Resolution Plan considered and accepted by the CoC.
M/s. Newgen Speciality Plastics Limited faced insolvency proceedings initiated by M/s. Dynamic Star Security & Allied Services under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on 19.11.2018. An IRP was initially appointed, followed by the appointment of Shri Anil Kumar as the Resolution Professional (RP). The Corporate Debtor was engaged in exporting plastic products and had received MSME awards. During the CIRP period, the promoters claimed to have secured orders worth Rs. 3.4 Crores. The RP presented CIRP expenses and reported losses during the CIRP period. The Appellant, Director of the Corporate Debtor, alleged that the RP distorted facts and misrepresented information to the CoC, leading to the decision to
…Application under Section 9 of Insolvency…
Adjudicating Authority (NCLT, New Delhi, Bench…