The case involves two appeals against a common order passed by the Adjudicating Authority (NCLT) in IA No. 830/NCLT/AHM/2021 in CP(IB) No. 268/NCLT/AHM/09/2020. Arrow Engineering Ltd., a Financial Creditor, filed an application before the NCLT Ahmedabad to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Act, 2016 (IBC) against the Corporate Debtor. The Adjudicating Authority dismissed the application. Aggrieved by this order, the Applicant preferred an appeal before the NCLAT. The NCLAT passed a detailed order in Company Appeal(AT)(Ins) No. 183 of 2021, formulating points regarding limitation, relationship between Financial Creditor and Corporate Debtor, and acknowledgement of debt. The NCLAT concluded that the
…1. Arrow Engineering Ltd., a Financial Creditor, filed an application before the NCLT Ahmedabad to initiate Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor.
2. The NCLT initially dismissed the application.
3. The NCLAT reversed the NCLT's decision in Company Appeal(AT)(Ins) No. 183 of 2021, directing the NCLT to pass a consequential order.
4. An appeal against the NCLAT's order was dismissed by the Supreme Court.
5. Subsequently, the NCLT allowed the application, commencing CIRP and appointing an IRP.
6. Mr. Vikas Dahiya, the Ex-Director of Golden Tobacco Ltd. Corporate Debtor and Oval Investment Pvt. Ltd. claiming to be shareholder, filed these appeals, respectively.
7. The Appellants contended that the Adjudicating Authority's order was silent on
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Arrow Engineering Ltd., a Financial…
NCLAT reversed the…
The case involves two appeals against a common order passed by the Adjudicating Authority (NCLT) in IA No. 830/NCLT/AHM/2021 in CP(IB) No. 268/NCLT/AHM/09/2020. Arrow Engineering Ltd., a Financial Creditor, filed an application before the NCLT Ahmedabad to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Act, 2016 (IBC) against the Corporate Debtor. The Adjudicating Authority dismissed the application. Aggrieved by this order, the Applicant preferred an appeal before the NCLAT. The NCLAT passed a detailed order in Company Appeal(AT)(Ins) No. 183 of 2021, formulating points regarding limitation, relationship between Financial Creditor and Corporate Debtor, and acknowledgement of debt. The NCLAT concluded that the
…1. Arrow Engineering Ltd., a Financial Creditor, filed an application before the NCLT Ahmedabad to initiate Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor.
2. The NCLT initially dismissed the application.
3. The NCLAT reversed the NCLT's decision in Company Appeal(AT)(Ins) No. 183 of 2021, directing the NCLT to pass a consequential order.
4. An appeal against the NCLAT's order was dismissed by the Supreme Court.
5. Subsequently, the NCLT allowed the application, commencing CIRP and appointing an IRP.
6. Mr. Vikas Dahiya, the Ex-Director of Golden Tobacco Ltd. Corporate Debtor and Oval Investment Pvt. Ltd. claiming to be shareholder, filed these appeals, respectively.
7. The Appellants contended that the Adjudicating Authority's order was silent on
Arrow Engineering Ltd., a Financial…
NCLAT reversed the…