The case involves a reference made by a three-member bench of the NCLAT regarding the maintainability of a recall application against a judgment. The initial matter arose from a Corporate Insolvency Resolution Process (CIRP) initiated by Union Bank of India against Amtek Auto Ltd. The Resolution Plan was approved, but Union Bank of India later filed a Company Appeal (AT) (Ins.) No. 729 of 2020, which was partly allowed. Subsequently, the Financial Creditors filed a Civil Appeal in the Supreme Court, which was dismissed with liberty to file a Review Application. A Review Application was then dismissed by the NCLAT. The Applicant, relying on the liberty granted, filed I.A. No. 3961/2022 seeking recall of the order dated 27.01.2022. A three-member bench then referred
…Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Amtek Auto Ltd. under Section 7 of IBC. The Resolution Plan submitted by Respondent No.2 and 3 was approved by the Committee of Creditors with a 70.07% majority on 2020-01-11. The Resolution Professional filed I.A. No. 255/2020 for approval of the Resolution Plan. Union Bank of India also filed I.A. No. 222/2020 seeking certain reliefs. The Adjudicating Authority allowed the I.A. filed by the Resolution Professional and approved the Resolution Plan while rejecting I.A. No. 222/2020 filed by Union Bank of India on 2020-07-09. Union Bank of India filed Company Appeal (AT) (Ins.) No. 729 of 2020, challenging the order dated 2020-07-09, but did not include the Committee of Creditors as a
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The case involves a reference made by a three-member bench of the NCLAT regarding the maintainability of a recall application against a judgment. The initial matter arose from a Corporate Insolvency Resolution Process (CIRP) initiated by Union Bank of India against Amtek Auto Ltd. The Resolution Plan was approved, but Union Bank of India later filed a Company Appeal (AT) (Ins.) No. 729 of 2020, which was partly allowed. Subsequently, the Financial Creditors filed a Civil Appeal in the Supreme Court, which was dismissed with liberty to file a Review Application. A Review Application was then dismissed by the NCLAT. The Applicant, relying on the liberty granted, filed I.A. No. 3961/2022 seeking recall of the order dated 27.01.2022. A three-member bench then referred
…Union Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Amtek Auto Ltd. under Section 7 of IBC. The Resolution Plan submitted by Respondent No.2 and 3 was approved by the Committee of Creditors with a 70.07% majority on 2020-01-11. The Resolution Professional filed I.A. No. 255/2020 for approval of the Resolution Plan. Union Bank of India also filed I.A. No. 222/2020 seeking certain reliefs. The Adjudicating Authority allowed the I.A. filed by the Resolution Professional and approved the Resolution Plan while rejecting I.A. No. 222/2020 filed by Union Bank of India on 2020-07-09. Union Bank of India filed Company Appeal (AT) (Ins.) No. 729 of 2020, challenging the order dated 2020-07-09, but did not include the Committee of Creditors as a
…Resolution Plan approved by the Committee of…
Adjudicating Authority allowed the I.A. filed by…