The appeal arises from an order dated December 5, 2019, by the National Company Law Tribunal (NCLT), Ahmedabad Bench, in IA No. 758 of 2019 in CP No. 181/NCLT/AHM/2019, which initiated liquidation of the Corporate Debtor, Atrium Infocomm Private Limited. The appellant, Sunil S. Kakkad, promoter and shareholder of M/s Sai Infosystems (India) Ltd, filed the appeal under Section 61 of the Insolvency and Bankruptcy Code (I&B Code), 2016, seeking to set aside the impugned order. The NCLT initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on July 10, 2019. During CIRP, the Interim Resolution Professional (IRP) formed a Committee of Creditors (CoC). The CoC decided in its third meeting on September 21, 2019, to liquidate the Corporate
…Sunil S. Kakkad, the promoter and shareholder of M/s Sai Infosystems (India) Ltd, filed an appeal against the liquidation order of Atrium Infocomm Private Limited. The NCLT initiated CIRP against Atrium Infocomm on July 10, 2019. The IRP formed a CoC, which held three meetings. In the second meeting, the CoC deferred the decision to publish Expression of Interest (EOI). In the third meeting on September 21, 2019, the CoC resolved to liquidate the Corporate Debtor, citing its non-operational status for the past five years and the lack of a resolution plan. The IRP then applied for liquidation, which was approved by the Adjudicating Authority on December 5, 2019. The appellant challenged this order, arguing that the IRP failed to perform necessary steps under CIRP and
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The appeal arises from an order dated December 5, 2019, by the National Company Law Tribunal (NCLT), Ahmedabad Bench, in IA No. 758 of 2019 in CP No. 181/NCLT/AHM/2019, which initiated liquidation of the Corporate Debtor, Atrium Infocomm Private Limited. The appellant, Sunil S. Kakkad, promoter and shareholder of M/s Sai Infosystems (India) Ltd, filed the appeal under Section 61 of the Insolvency and Bankruptcy Code (I&B Code), 2016, seeking to set aside the impugned order. The NCLT initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on July 10, 2019. During CIRP, the Interim Resolution Professional (IRP) formed a Committee of Creditors (CoC). The CoC decided in its third meeting on September 21, 2019, to liquidate the Corporate
…Sunil S. Kakkad, the promoter and shareholder of M/s Sai Infosystems (India) Ltd, filed an appeal against the liquidation order of Atrium Infocomm Private Limited. The NCLT initiated CIRP against Atrium Infocomm on July 10, 2019. The IRP formed a CoC, which held three meetings. In the second meeting, the CoC deferred the decision to publish Expression of Interest (EOI). In the third meeting on September 21, 2019, the CoC resolved to liquidate the Corporate Debtor, citing its non-operational status for the past five years and the lack of a resolution plan. The IRP then applied for liquidation, which was approved by the Adjudicating Authority on December 5, 2019. The appellant challenged this order, arguing that the IRP failed to perform necessary steps under CIRP and
…The Learned Adjudicating Authority triggered…
In the third CoC meeting, the CoC passed the…