The Appellant, Union Bank of India, challenged a plan approved by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench. The appeal was filed against EMC Ltd. through its Resolution Professional, Kannan Triuvebgadam & Ors. The Appellate Tribunal initially observed the appeal to be frivolous as Union Bank of India had consented to the plan but later challenged it. The appellant argued that the distribution of the amount was not properly made.
Union Bank of India, the Appellant, challenged a resolution plan approved by the Adjudicating Authority (NCLT Kolkata) for EMC Ltd. The bank had initially consented to the plan but later filed an appeal. The primary ground for the appeal was that the distribution of the amount was not properly made. The Appellate Tribunal initially considered the appeal frivolous. The appellant was a member of the Committee of Creditors, which made the distribution. The court considered Section 32 and Section 61 of the Insolvency and Bankruptcy Code, 2016.
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The Adjudicating Authority (National Company…
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The Appellant, Union Bank of India, challenged a plan approved by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench. The appeal was filed against EMC Ltd. through its Resolution Professional, Kannan Triuvebgadam & Ors. The Appellate Tribunal initially observed the appeal to be frivolous as Union Bank of India had consented to the plan but later challenged it. The appellant argued that the distribution of the amount was not properly made.
Union Bank of India, the Appellant, challenged a resolution plan approved by the Adjudicating Authority (NCLT Kolkata) for EMC Ltd. The bank had initially consented to the plan but later filed an appeal. The primary ground for the appeal was that the distribution of the amount was not properly made. The Appellate Tribunal initially considered the appeal frivolous. The appellant was a member of the Committee of Creditors, which made the distribution. The court considered Section 32 and Section 61 of the Insolvency and Bankruptcy Code, 2016.
The Adjudicating Authority (National Company…
The Appellate Tribunal…