The document pertains to applications CA-1055(PB)/2019 and CA-1056(PB)/2019 filed in the matter of Punjab National Bank vs. Bhushan Power and Steel Ltd. before the National Company Law Tribunal (NCLT), New Delhi. These applications were related to the ongoing Corporate Insolvency Resolution Process (CIRP). The subject matter of the applications had already been decided in a prior order, CA No. 973(PB)/2019, dated 24.05.2019.
Punjab National Bank initiated insolvency proceedings against Bhushan Power and Steel Ltd. The NCLT was hearing applications CA-1055(PB)/2019 and CA-1056(PB)/2019. A prior order, CA No. 973(PB)/2019, dated 24.05.2019, already addressed the subject matter of these applications. The applicant expressed apprehensions regarding personnel. JSW Steel Ltd. was being inducted as an observer in the working committee. The CoC left the decision to the prudence of the Resolution Professional regarding the CIR Process. The NCLT found the repeated applications to be a misuse of the process by the Ex-promoter/director. The court dismissed the applications and imposed a cost of Rs. 10,000/- to be deposited in the Prime Minister's Relief Fund. The order clarifies that no steps should
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The document pertains to applications CA-1055(PB)/2019 and CA-1056(PB)/2019 filed in the matter of Punjab National Bank vs. Bhushan Power and Steel Ltd. before the National Company Law Tribunal (NCLT), New Delhi. These applications were related to the ongoing Corporate Insolvency Resolution Process (CIRP). The subject matter of the applications had already been decided in a prior order, CA No. 973(PB)/2019, dated 24.05.2019.
Punjab National Bank initiated insolvency proceedings against Bhushan Power and Steel Ltd. The NCLT was hearing applications CA-1055(PB)/2019 and CA-1056(PB)/2019. A prior order, CA No. 973(PB)/2019, dated 24.05.2019, already addressed the subject matter of these applications. The applicant expressed apprehensions regarding personnel. JSW Steel Ltd. was being inducted as an observer in the working committee. The CoC left the decision to the prudence of the Resolution Professional regarding the CIR Process. The NCLT found the repeated applications to be a misuse of the process by the Ex-promoter/director. The court dismissed the applications and imposed a cost of Rs. 10,000/- to be deposited in the Prime Minister's Relief Fund. The order clarifies that no steps should
…The subject matter of…
Notice of the…