The case involves an application (MA/317/2018) in a corporate insolvency resolution process (CP/632/IB/2017). The Resolution Professional (RP) requested the Tribunal to issue instructions to the District Collector/District Magistrate and Police Authorities to take possession of the properties, books of accounts, and other assets of the Corporate Debtor and hand them over to the RP. The Tribunal had previously appointed the RP via an order dated 2018-03-12.
The Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of AML Steel & Power Ltd sought directions from the National Company Law Tribunal (NCLT) to instruct the District Collector/District Magistrate and Police Authorities to take possession of the Corporate Debtor's assets, including properties, books of accounts, and other relevant documents. The RP had been appointed by the Tribunal's order dated 2018-03-12. The application was filed under MA/317/2018 in CP/632/IB/2017. The Tribunal considered the provisions of Section 429(1) of the Companies Act and the Insolvency and Bankruptcy Code, 2016, which empower the Tribunal to take custody of the Corporate Debtor's assets. The counsel representing the RP submitted that necessary
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The Tribunal appointed…
Hearing of Chennai…
The case involves an application (MA/317/2018) in a corporate insolvency resolution process (CP/632/IB/2017). The Resolution Professional (RP) requested the Tribunal to issue instructions to the District Collector/District Magistrate and Police Authorities to take possession of the properties, books of accounts, and other assets of the Corporate Debtor and hand them over to the RP. The Tribunal had previously appointed the RP via an order dated 2018-03-12.
The Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of AML Steel & Power Ltd sought directions from the National Company Law Tribunal (NCLT) to instruct the District Collector/District Magistrate and Police Authorities to take possession of the Corporate Debtor's assets, including properties, books of accounts, and other relevant documents. The RP had been appointed by the Tribunal's order dated 2018-03-12. The application was filed under MA/317/2018 in CP/632/IB/2017. The Tribunal considered the provisions of Section 429(1) of the Companies Act and the Insolvency and Bankruptcy Code, 2016, which empower the Tribunal to take custody of the Corporate Debtor's assets. The counsel representing the RP submitted that necessary
…The Tribunal appointed…
Hearing of Chennai…