The Appellant, Resolution Professional of Reliance Naval and Engineering Ltd., filed an appeal against the Impugned Order dated June 28, 2021, passed by the Adjudicating Authority (NCLT, Ahmedabad) in IA/417(AHM)2021 in CP(IB) 418 of 2018. The NCLT directed the applicant to issue notice to respondents within 7 days and to file affidavit of service, adjourning the matter to August 16, 2021. The appellant contended that the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor vide Order dated January 15, 2020, and the Appellant was appointed as Resolution Professional on May 5, 2020. Respondent No. 1, M/s. E-Complex Pvt. Ltd., is also undergoing CIRP under another Resolution Professional. The CIRP against Respondent No. 1 was admitted on
…The Resolution Professional of Reliance Naval and Engineering Ltd. filed an appeal against an order by the NCLT, Ahmedabad. The NCLT order directed the issuance of notice to respondents. The appellant sought a stay on the CIRP of E-Complex Pvt. Ltd., a subsidiary of Reliance Naval, arguing for consolidation of the CIRPs. The appellant claimed that the CoC had decided on the consolidation. The last date for submitting the Resolution Plan for E-Complex was July 8, 2021. The Adjudicating Authority had only issued a notice without passing any interim orders on the stay application. The appellant argued that the CIRP of the subsidiary should be stayed until the consolidation issue is decided. The Tribunal noted that the application filed before the Adjudicating Authority
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The Appellant, Resolution Professional of Reliance Naval and Engineering Ltd., filed an appeal against the Impugned Order dated June 28, 2021, passed by the Adjudicating Authority (NCLT, Ahmedabad) in IA/417(AHM)2021 in CP(IB) 418 of 2018. The NCLT directed the applicant to issue notice to respondents within 7 days and to file affidavit of service, adjourning the matter to August 16, 2021. The appellant contended that the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor vide Order dated January 15, 2020, and the Appellant was appointed as Resolution Professional on May 5, 2020. Respondent No. 1, M/s. E-Complex Pvt. Ltd., is also undergoing CIRP under another Resolution Professional. The CIRP against Respondent No. 1 was admitted on
…The Resolution Professional of Reliance Naval and Engineering Ltd. filed an appeal against an order by the NCLT, Ahmedabad. The NCLT order directed the issuance of notice to respondents. The appellant sought a stay on the CIRP of E-Complex Pvt. Ltd., a subsidiary of Reliance Naval, arguing for consolidation of the CIRPs. The appellant claimed that the CoC had decided on the consolidation. The last date for submitting the Resolution Plan for E-Complex was July 8, 2021. The Adjudicating Authority had only issued a notice without passing any interim orders on the stay application. The appellant argued that the CIRP of the subsidiary should be stayed until the consolidation issue is decided. The Tribunal noted that the application filed before the Adjudicating Authority
…The initial Corporate…
Corporate Insolvency…
Sign in to view related legal provisions.