The case pertains to C.P. (IB) No. 704/KB/2017 before the National Company Law Tribunal (NCLT), Kolkata Bench. The corporate debtor's counsel is present, while no one represents the operational creditor. The corporate debtor's counsel brought to the court's notice the Supreme Court's judgement dated 05/03/2018 in Civil Appeal No(s) 2483 of 2018, involving Ankit Metal and Power Limited versus Gandhar Oil Refinery (India) Limited.
The case involves Gandhar Oil Refinery (India) Ltd. as the corporate debtor and Ankit Metal & Power Limited as the operational creditor. A petition, C.P. (IB) No. 704/KB/2017, was filed under Section 9 of the IBC. The corporate debtor's counsel appeared before the NCLT, Kolkata Bench, and brought to the court's attention a judgement dated 05/03/2018 of the Hon'ble Supreme Court in Civil Appeal No(s) 2483 of 2018 (M/s. Ankit Metal and Power Limited -versus- M/s. Gandhar Oil Refinery (India) Limited). The Supreme Court had set aside the order of the Adjudicating Authority dated 14/02/2018. The relevance of this fact is that the Supreme Court's decision directly impacts the proceedings before the NCLT, leading to the closure of the insolvency petition.
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Hearing held…
Judgement dated 05/03/2018 of the Hon'ble…
The case pertains to C.P. (IB) No. 704/KB/2017 before the National Company Law Tribunal (NCLT), Kolkata Bench. The corporate debtor's counsel is present, while no one represents the operational creditor. The corporate debtor's counsel brought to the court's notice the Supreme Court's judgement dated 05/03/2018 in Civil Appeal No(s) 2483 of 2018, involving Ankit Metal and Power Limited versus Gandhar Oil Refinery (India) Limited.
The case involves Gandhar Oil Refinery (India) Ltd. as the corporate debtor and Ankit Metal & Power Limited as the operational creditor. A petition, C.P. (IB) No. 704/KB/2017, was filed under Section 9 of the IBC. The corporate debtor's counsel appeared before the NCLT, Kolkata Bench, and brought to the court's attention a judgement dated 05/03/2018 of the Hon'ble Supreme Court in Civil Appeal No(s) 2483 of 2018 (M/s. Ankit Metal and Power Limited -versus- M/s. Gandhar Oil Refinery (India) Limited). The Supreme Court had set aside the order of the Adjudicating Authority dated 14/02/2018. The relevance of this fact is that the Supreme Court's decision directly impacts the proceedings before the NCLT, leading to the closure of the insolvency petition.
Hearing held…
Judgement dated 05/03/2018 of the Hon'ble…