The case involves a Company Appeal (AT) (Ins) No. 374 of 2020 before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The Appellant, Union of India, is contesting against the Respondent, Shri Lakshmi Cotyn Ltd., represented through its Resolution Professional. The Appellant, a Financial Creditor, claims that the Liquidation Application has been pending for over a year without a decision. The Impugned Order dated 10th February 2020, also reflects this delay. The Respondent, through its counsel, admits the prolonged pendency of the Liquidation Application.
The Union of India, as the Appellant and a Financial Creditor, filed an appeal because the Liquidation Application for Shri Lakshmi Cotyn Ltd. has been pending for more than a year. The Appellant's advocate stated that the Liquidation Application has been pending for over a year without a decision. The Impugned Order dated 10th February 2020, also reflects this delay. The Respondent, Shri Lakshmi Cotyn Ltd., through its counsel, admitted that the Liquidation Application has been pending for a long time. The NCLAT observed that the disposal of the Liquidation Application has been delayed due to the filing of miscellaneous applications. This delay is seen as a potential obstruction to the Insolvency Resolution Proceedings under the I&B Code. The key fact is the
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The Impugned Order, which also reflects the…
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The case involves a Company Appeal (AT) (Ins) No. 374 of 2020 before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The Appellant, Union of India, is contesting against the Respondent, Shri Lakshmi Cotyn Ltd., represented through its Resolution Professional. The Appellant, a Financial Creditor, claims that the Liquidation Application has been pending for over a year without a decision. The Impugned Order dated 10th February 2020, also reflects this delay. The Respondent, through its counsel, admits the prolonged pendency of the Liquidation Application.
The Union of India, as the Appellant and a Financial Creditor, filed an appeal because the Liquidation Application for Shri Lakshmi Cotyn Ltd. has been pending for more than a year. The Appellant's advocate stated that the Liquidation Application has been pending for over a year without a decision. The Impugned Order dated 10th February 2020, also reflects this delay. The Respondent, Shri Lakshmi Cotyn Ltd., through its counsel, admitted that the Liquidation Application has been pending for a long time. The NCLAT observed that the disposal of the Liquidation Application has been delayed due to the filing of miscellaneous applications. This delay is seen as a potential obstruction to the Insolvency Resolution Proceedings under the I&B Code. The key fact is the
…The Impugned Order, which also reflects the…
Mr. Data, Advocate representing the Appellant…
Sign in to view related legal provisions.