M/s. Vinayak Cotton Agencies (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Mariyammal Spinners Pvt. Limited (Corporate Debtor). The application was admitted on May 20, 2019, by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai. The present appeal was preferred by Mr. T. Dhanasekar, Managing Director of the Corporate Debtor.
M/s. Vinayak Cotton Agencies, the Operational Creditor, initiated insolvency proceedings against M/s. Mariyammal Spinners Pvt. Ltd., the Corporate Debtor, by filing an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on May 20, 2019. Mr. T. Dhanasekar, the Managing Director of the Corporate Debtor, filed an appeal against this order. During the appeal proceedings, the Appellant and the Operational Creditor reached a settlement. The Interim Resolution Professional (IRP) confirmed that the Committee of Creditors had not yet been constituted. The Appellant agreed to pay the IRP's fees and resolution costs. The court, exercising its inherent powers, allowed the settlement, set aside the
…Sign in to view the parties.
The Adjudicating Authority (National Company…
The learned counsel for the Appellant and the…
Sign in to view related legal provisions.
M/s. Vinayak Cotton Agencies (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against M/s. Mariyammal Spinners Pvt. Limited (Corporate Debtor). The application was admitted on May 20, 2019, by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai. The present appeal was preferred by Mr. T. Dhanasekar, Managing Director of the Corporate Debtor.
M/s. Vinayak Cotton Agencies, the Operational Creditor, initiated insolvency proceedings against M/s. Mariyammal Spinners Pvt. Ltd., the Corporate Debtor, by filing an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on May 20, 2019. Mr. T. Dhanasekar, the Managing Director of the Corporate Debtor, filed an appeal against this order. During the appeal proceedings, the Appellant and the Operational Creditor reached a settlement. The Interim Resolution Professional (IRP) confirmed that the Committee of Creditors had not yet been constituted. The Appellant agreed to pay the IRP's fees and resolution costs. The court, exercising its inherent powers, allowed the settlement, set aside the
…The Adjudicating Authority (National Company…
The learned counsel for the Appellant and the…
Sign in to view related legal provisions.