The case involves an application filed by the Liquidator of Coastal Projects Ltd. seeking approval from the Adjudicating Authority (NCLT) to continue legal proceedings against National Projects Construction Corporation Ltd. (NPCC) in the Gauhati High Court. The Liquidator had already filed writ petitions in the High Court without prior approval from the NCLT, citing urgency due to the imminent threat of losing a significant amount of money because of the arbitrary invocation of bank guarantees and forfeiture of security deposit by the respondents. The application is filed under Section 33(5) and 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016.
Coastal Projects Ltd. is undergoing liquidation, with Mr. Ravi Shankar Devarakonda appointed as the Liquidator. The Liquidator filed writ petitions (WP (C) 1958/2020, WP (C) 2056/2020, WP (C) 2057/2020 & WP (C) 2060/2020) in the Gauhati High Court against National Projects Construction Corporation Ltd. (NPCC) without obtaining prior approval from the NCLT. The Liquidator claims that the urgency was due to the imminent threat of losing a large sum of money because of the arbitrary invocation of bank guarantees and forfeiture of security deposit by NPCC. The Liquidator then filed an application (I.A. (IB) No. 72/CTB/2020) before the NCLT seeking ex post facto approval to continue these legal proceedings. The application is based on Section 33(5) of the Insolvency and
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The Adjudicating Authority passed an ex post…
The Liquidator filed Writ Petitions bearing WP…
The case involves an application filed by the Liquidator of Coastal Projects Ltd. seeking approval from the Adjudicating Authority (NCLT) to continue legal proceedings against National Projects Construction Corporation Ltd. (NPCC) in the Gauhati High Court. The Liquidator had already filed writ petitions in the High Court without prior approval from the NCLT, citing urgency due to the imminent threat of losing a significant amount of money because of the arbitrary invocation of bank guarantees and forfeiture of security deposit by the respondents. The application is filed under Section 33(5) and 60(5) of the Insolvency and Bankruptcy Code, 2016, and Rule 11 of the National Company Law Tribunal Rules, 2016.
Coastal Projects Ltd. is undergoing liquidation, with Mr. Ravi Shankar Devarakonda appointed as the Liquidator. The Liquidator filed writ petitions (WP (C) 1958/2020, WP (C) 2056/2020, WP (C) 2057/2020 & WP (C) 2060/2020) in the Gauhati High Court against National Projects Construction Corporation Ltd. (NPCC) without obtaining prior approval from the NCLT. The Liquidator claims that the urgency was due to the imminent threat of losing a large sum of money because of the arbitrary invocation of bank guarantees and forfeiture of security deposit by NPCC. The Liquidator then filed an application (I.A. (IB) No. 72/CTB/2020) before the NCLT seeking ex post facto approval to continue these legal proceedings. The application is based on Section 33(5) of the Insolvency and
…The Adjudicating Authority passed an ex post…
The Liquidator filed Writ Petitions bearing WP…