The appeal was filed against the order dated 12th August 2021 passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench II, Chennai) in IBA/149/2020. The appellant, a shareholder of Green Valley Sheltors Pvt Ltd (Corporate Debtor), filed the appeal being dissatisfied with the order initiating CIRP. The appellant argued that the Adjudicating Authority passed the order without providing an opportunity to file additional written submissions and by countermanding its own order. The appellant also contended that the CIRP should be limited to specific projects funded by the 2nd and 3rd respondents, and not extend to all assets of the Corporate Debtor.
Mr. T. Prabhakar, a shareholder of Green Valley Sheltors Pvt Ltd (Corporate Debtor), filed an appeal against the order dated 12th August 2021 passed by the National Company Law Tribunal (NCLT), Division Bench II, Chennai, in IBA/149/2020. The NCLT order initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on an application filed by Nippon Life India AIF Management Ltd and Nippon Life India Asset Management Ltd (2nd and 3rd Respondents), who are financial creditors. The appellant argued that the NCLT passed the order without allowing the Corporate Debtor to file additional written submissions, violating principles of natural justice. The appellant also contended that the CIRP should be limited to specific projects funded by the 2nd
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Corporate Debtor…
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The appeal was filed against the order dated 12th August 2021 passed by the Adjudicating Authority (National Company Law Tribunal, Division Bench II, Chennai) in IBA/149/2020. The appellant, a shareholder of Green Valley Sheltors Pvt Ltd (Corporate Debtor), filed the appeal being dissatisfied with the order initiating CIRP. The appellant argued that the Adjudicating Authority passed the order without providing an opportunity to file additional written submissions and by countermanding its own order. The appellant also contended that the CIRP should be limited to specific projects funded by the 2nd and 3rd respondents, and not extend to all assets of the Corporate Debtor.
Mr. T. Prabhakar, a shareholder of Green Valley Sheltors Pvt Ltd (Corporate Debtor), filed an appeal against the order dated 12th August 2021 passed by the National Company Law Tribunal (NCLT), Division Bench II, Chennai, in IBA/149/2020. The NCLT order initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on an application filed by Nippon Life India AIF Management Ltd and Nippon Life India Asset Management Ltd (2nd and 3rd Respondents), who are financial creditors. The appellant argued that the NCLT passed the order without allowing the Corporate Debtor to file additional written submissions, violating principles of natural justice. The appellant also contended that the CIRP should be limited to specific projects funded by the 2nd
…Corporate Debtor…
The Debenture Trustee…