The case involves a Company Appeal (AT) (Insolvency) No. 509 of 2019 before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appeal arises from an order dated 8th April, 2019, by the NCLT, Mumbai Bench, concerning the 'Corporate Insolvency Resolution Process' of 'Sanaa Syntex Private Limited' (Corporate Debtor). The Liquidator had filed an application under Section 60(5)(c) of the ‘Insolvency and Bankruptcy Code, 2016' seeking directions regarding the Adjudicating Authority's decision concerning 'Secured Financial Creditor' - ‘State Bank of India' and its mortgaged assets. The NCLT partly allowed the application, granting permission to the ‘Secured Creditors' to opt out of the liquidation process but imposing a bar on selling the assets of the
…Sanaa Syntex Private Limited (Corporate Debtor) underwent the 'Corporate Insolvency Resolution Process'. The Liquidator filed an application seeking directions regarding the Adjudicating Authority's decision concerning State Bank of India (SBI), a 'Secured Financial Creditor', and its mortgaged assets. SBI sought to keep its mortgaged assets out of the liquidation of the ‘Corporate Debtor'. The NCLT allowed secured creditors to opt out of liquidation but barred them from selling assets to disqualified persons under Section 29A of the I&B Code. SBI challenged this order, arguing that there is no bar for a ‘secured creditor' to sell the assets to any person, including promoters ineligible under Section 29A. The liquidator argued that allowing such sales would defeat
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NCLT, Mumbai Bench, issued an order partly…
NCLAT dismissed the appeal, upholding the…
The case involves a Company Appeal (AT) (Insolvency) No. 509 of 2019 before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appeal arises from an order dated 8th April, 2019, by the NCLT, Mumbai Bench, concerning the 'Corporate Insolvency Resolution Process' of 'Sanaa Syntex Private Limited' (Corporate Debtor). The Liquidator had filed an application under Section 60(5)(c) of the ‘Insolvency and Bankruptcy Code, 2016' seeking directions regarding the Adjudicating Authority's decision concerning 'Secured Financial Creditor' - ‘State Bank of India' and its mortgaged assets. The NCLT partly allowed the application, granting permission to the ‘Secured Creditors' to opt out of the liquidation process but imposing a bar on selling the assets of the
…Sanaa Syntex Private Limited (Corporate Debtor) underwent the 'Corporate Insolvency Resolution Process'. The Liquidator filed an application seeking directions regarding the Adjudicating Authority's decision concerning State Bank of India (SBI), a 'Secured Financial Creditor', and its mortgaged assets. SBI sought to keep its mortgaged assets out of the liquidation of the ‘Corporate Debtor'. The NCLT allowed secured creditors to opt out of liquidation but barred them from selling assets to disqualified persons under Section 29A of the I&B Code. SBI challenged this order, arguing that there is no bar for a ‘secured creditor' to sell the assets to any person, including promoters ineligible under Section 29A. The liquidator argued that allowing such sales would defeat
…NCLT, Mumbai Bench, issued an order partly…
NCLAT dismissed the appeal, upholding the…