The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which initiated liquidation proceedings against Vandana Udyog Limited ('Corporate Debtor') under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The appeal was filed by Vandana Industries Limited, a shareholder of the Corporate Debtor. The initial application under Section 10 of the I&B Code was filed by Vandana Udyog Limited through its Board of Directors, listing IL & FS Financial Services Limited as a financial creditor. The appellant contended that the Board of Directors did not have the authority to file the application without prior approval from the shareholders in an Extraordinary General Meeting. The appellant also
…Vandana Industries Ltd., a shareholder, appealed against a liquidation order for Vandana Udyog Limited ('Corporate Debtor'). The liquidation was initiated based on an application under Section 10 of the Insolvency and Bankruptcy Code (I&B Code) filed by the Corporate Debtor's Board of Directors, listing IL & FS Financial Services Limited as a financial creditor. The application was admitted on June 21, 2017, and a liquidation order was passed on June 25, 2018. Vandana Industries Ltd. claimed they were unaware of the application until after the liquidation order. They argued the Board lacked jurisdiction to file the application without shareholder approval, citing Article 129 of the Articles of Association and a prior judgment (Gaja Trustee Company Private
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Order dated 25.06.2016, whereby and…
The application u/s 10…
The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which initiated liquidation proceedings against Vandana Udyog Limited ('Corporate Debtor') under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The appeal was filed by Vandana Industries Limited, a shareholder of the Corporate Debtor. The initial application under Section 10 of the I&B Code was filed by Vandana Udyog Limited through its Board of Directors, listing IL & FS Financial Services Limited as a financial creditor. The appellant contended that the Board of Directors did not have the authority to file the application without prior approval from the shareholders in an Extraordinary General Meeting. The appellant also
…Vandana Industries Ltd., a shareholder, appealed against a liquidation order for Vandana Udyog Limited ('Corporate Debtor'). The liquidation was initiated based on an application under Section 10 of the Insolvency and Bankruptcy Code (I&B Code) filed by the Corporate Debtor's Board of Directors, listing IL & FS Financial Services Limited as a financial creditor. The application was admitted on June 21, 2017, and a liquidation order was passed on June 25, 2018. Vandana Industries Ltd. claimed they were unaware of the application until after the liquidation order. They argued the Board lacked jurisdiction to file the application without shareholder approval, citing Article 129 of the Articles of Association and a prior judgment (Gaja Trustee Company Private
…Order dated 25.06.2016, whereby and…
The application u/s 10…