The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) dated December 15, 2020. The order directed the Resolution Professional to file a liquidation value and valuation report and provide a copy to Respondent Nos. 1 and 2, who are stated to be the promoters/erstwhile Directors. The appellant contends that the liquidation value and valuation report cannot be provided to the promoters/erstwhile Directors within the scope of relevant IBBI Regulations and jurisdiction of the Adjudicating Authority.
The Adjudicating Authority ordered the Resolution Professional to file a liquidation value and valuation report and provide a copy to Respondent Nos. 1 and 2, who are the promoters/erstwhile Directors. The appellant complied with filing the report but disputed providing copies to Respondent Nos. 1 and 2, citing IBBI Regulations. The Resolution Plan approved by the COC with 99.6% voting shares is pending consideration before the Adjudicating Authority. Respondent Nos. 1 and 2 are neither MSME nor members of the COC or Resolution Applicants. The key fact is whether the promoters/erstwhile directors are entitled to receive the liquidation value and valuation report.
Sign in to view the parties.
The Adjudicating Authority (NCLT, Ahmedabad…
The NCLAT heard the appeal and directed the…
Sign in to view related legal provisions.
The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench) dated December 15, 2020. The order directed the Resolution Professional to file a liquidation value and valuation report and provide a copy to Respondent Nos. 1 and 2, who are stated to be the promoters/erstwhile Directors. The appellant contends that the liquidation value and valuation report cannot be provided to the promoters/erstwhile Directors within the scope of relevant IBBI Regulations and jurisdiction of the Adjudicating Authority.
The Adjudicating Authority ordered the Resolution Professional to file a liquidation value and valuation report and provide a copy to Respondent Nos. 1 and 2, who are the promoters/erstwhile Directors. The appellant complied with filing the report but disputed providing copies to Respondent Nos. 1 and 2, citing IBBI Regulations. The Resolution Plan approved by the COC with 99.6% voting shares is pending consideration before the Adjudicating Authority. Respondent Nos. 1 and 2 are neither MSME nor members of the COC or Resolution Applicants. The key fact is whether the promoters/erstwhile directors are entitled to receive the liquidation value and valuation report.
The Adjudicating Authority (NCLT, Ahmedabad…
The NCLAT heard the appeal and directed the…
Sign in to view related legal provisions.