The case involves MA No. 524 of 2018 filed in connection with CP(IB) No. 1053/2017 concerning Amar Remedies Ltd. The Resolution Professional sought approval of a Resolution Plan under Section 30(6) of the IBC, 2016. IDBI Bank brought to the NCLT's attention that a liquidation order had already been passed against Amar Remedies Ltd. by the Hon'ble High Court, Bombay, on 25.1.2017, in Company Petition No. 7/2015. The Corporate Applicant, Amar Remedies Ltd., had suppressed this material fact when filing the application under Section 10 of the IBC, 2016.
Amar Remedies Ltd. (Corporate Debtor) filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). IDBI Bank, a financial creditor, informed the NCLT that the Hon'ble High Court of Bombay had already passed a liquidation order against Amar Remedies Ltd. on 25.1.2017 in Company Petition No. 7/2015. The Corporate Debtor had previously filed a reference with the Board for Industrial and Financial Reconstruction (BIFR), which was later rejected. An appeal against the BIFR's order was abated due to the Sick Industrial Companies (Special Provisions) Repeal Act, 2003. Despite the liquidation order, Amar Remedies Ltd. filed the application under Section 10 of the IBC without
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Hon'ble High Court, Bombay, passed a…
Amar Remedies Ltd. filed an application…
The case involves MA No. 524 of 2018 filed in connection with CP(IB) No. 1053/2017 concerning Amar Remedies Ltd. The Resolution Professional sought approval of a Resolution Plan under Section 30(6) of the IBC, 2016. IDBI Bank brought to the NCLT's attention that a liquidation order had already been passed against Amar Remedies Ltd. by the Hon'ble High Court, Bombay, on 25.1.2017, in Company Petition No. 7/2015. The Corporate Applicant, Amar Remedies Ltd., had suppressed this material fact when filing the application under Section 10 of the IBC, 2016.
Amar Remedies Ltd. (Corporate Debtor) filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). IDBI Bank, a financial creditor, informed the NCLT that the Hon'ble High Court of Bombay had already passed a liquidation order against Amar Remedies Ltd. on 25.1.2017 in Company Petition No. 7/2015. The Corporate Debtor had previously filed a reference with the Board for Industrial and Financial Reconstruction (BIFR), which was later rejected. An appeal against the BIFR's order was abated due to the Sick Industrial Companies (Special Provisions) Repeal Act, 2003. Despite the liquidation order, Amar Remedies Ltd. filed the application under Section 10 of the IBC without
…Hon'ble High Court, Bombay, passed a…
Amar Remedies Ltd. filed an application…