The appeal was filed against an order passed by the NCLT, New Delhi Bench, Court-2. There was a difference of opinion between the two members of the NCLT, so the matter was referred to a third member, who delivered their opinion on 2024-06-14. The appellant, Southern Power Distribution Company of Andhra Pradesh Ltd., challenged the order in this appeal, praying for appropriate orders and directions.
Southern Power Distribution Company of Andhra Pradesh Ltd. filed an appeal against an order passed by the NCLT, New Delhi Bench, Court-2. The NCLT members had differing opinions, leading to a referral to a third member. The appeal arises from a liquidation proceeding where the Appellant's claim was admitted. The core issue is the extinguishment of liabilities of the Corporate Debtor after the sale of the Corporate Debtor as a going concern under Regulation 32(e) of IBBI (Liquidation Process) Regulations, 2016, and distribution of proceeds under Section 53 of the IBC, 2016. The Appellant argues that blanket extinguishment without a hearing prejudices their rights, especially concerning CIRP and liquidation costs. The Respondent contends there is no foundation to the
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The third member of the NCLT delivered their…
The NCLAT heard the…
The appeal was filed against an order passed by the NCLT, New Delhi Bench, Court-2. There was a difference of opinion between the two members of the NCLT, so the matter was referred to a third member, who delivered their opinion on 2024-06-14. The appellant, Southern Power Distribution Company of Andhra Pradesh Ltd., challenged the order in this appeal, praying for appropriate orders and directions.
Southern Power Distribution Company of Andhra Pradesh Ltd. filed an appeal against an order passed by the NCLT, New Delhi Bench, Court-2. The NCLT members had differing opinions, leading to a referral to a third member. The appeal arises from a liquidation proceeding where the Appellant's claim was admitted. The core issue is the extinguishment of liabilities of the Corporate Debtor after the sale of the Corporate Debtor as a going concern under Regulation 32(e) of IBBI (Liquidation Process) Regulations, 2016, and distribution of proceeds under Section 53 of the IBC, 2016. The Appellant argues that blanket extinguishment without a hearing prejudices their rights, especially concerning CIRP and liquidation costs. The Respondent contends there is no foundation to the
…The third member of the NCLT delivered their…
The NCLAT heard the…