The case involves an application 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. The liquidator for the corporate debtor, Coastal Projects Ltd., seeks approval from the Adjudicating Authority to continue legal proceedings against the respondent, National Projects Construction Corporation (NPCC). The liquidator had filed writ petitions before the Gauhati High Court without prior permission from the Adjudicating Authority, citing urgency and the threat of losing a significant amount of money due to the invocation of bank guarantees.
State Bank of India is the Financial Creditor. M/s. Coastal Projects Ltd. is the Corporate Debtor undergoing liquidation. Mr. Ravi Shankar Devarakonda is the Liquidator for Coastal Projects Ltd. National Projects Construction Corporation Ltd. (NPCC) is the respondent. The liquidator filed writ petitions before the Gauhati High Court against NPCC without obtaining prior approval from the Adjudicating Authority. The liquidator claims urgency due to the imminent threat of losing a large sum of money because of the arbitrary invocation of bank guarantees and forfeiture of the security deposit. The liquidator seeks approval from the Adjudicating Authority to continue these legal proceedings, invoking Clause 76 of the contract (Arbitration Clause).
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Adjudicating Authority allowed the ex post…
Order pronounced allowing the IA (IB) No.…
The case involves an application 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. The liquidator for the corporate debtor, Coastal Projects Ltd., seeks approval from the Adjudicating Authority to continue legal proceedings against the respondent, National Projects Construction Corporation (NPCC). The liquidator had filed writ petitions before the Gauhati High Court without prior permission from the Adjudicating Authority, citing urgency and the threat of losing a significant amount of money due to the invocation of bank guarantees.
State Bank of India is the Financial Creditor. M/s. Coastal Projects Ltd. is the Corporate Debtor undergoing liquidation. Mr. Ravi Shankar Devarakonda is the Liquidator for Coastal Projects Ltd. National Projects Construction Corporation Ltd. (NPCC) is the respondent. The liquidator filed writ petitions before the Gauhati High Court against NPCC without obtaining prior approval from the Adjudicating Authority. The liquidator claims urgency due to the imminent threat of losing a large sum of money because of the arbitrary invocation of bank guarantees and forfeiture of the security deposit. The liquidator seeks approval from the Adjudicating Authority to continue these legal proceedings, invoking Clause 76 of the contract (Arbitration Clause).
Adjudicating Authority allowed the ex post…
Order pronounced allowing the IA (IB) No.…