The Interlocutory Application (IA No.212/CTB/2020) was filed by the H.I.W. Workers' Union under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC), against Nandakini Contractors Private Limited (the Financial Creditor), Hirakud Industrial Works Limited (the Corporate Debtor), and Mr. Ananda Rao Korada (Resolution Professional of the Corporate Debtor). The applicant sought directions from the Adjudicating Authority to maintain the status quo regarding the nature and character of the lands belonging to the Corporate Debtor. In CP(IB) No. 01/CTB/2019, the Adjudicating Authority had previously issued directions to the petitioner and the Resolution Professional and posted the matter for further hearing on 20.03.2020. Due to the COVID-19 pandemic and subsequent
…The H.I.W. Workers' Union filed an Interlocutory Application (IA No.212/CTB/2020) under Section 60(5) of the IBC against Nandakini Contractors Private Limited (Financial Creditor), Hirakud Industrial Works Limited (Corporate Debtor), and Mr. Ananda Rao Korada (Resolution Professional). The Union sought to maintain the status quo of the Corporate Debtor's land due to concerns about illegal development activity. The Adjudicating Authority had previously issued directions in CP(IB) No. 01/CTB/2019, but subsequent hearings were delayed due to the COVID-19 pandemic. The Union alleged that unknown persons had entered the Corporate Debtor's land and started development activity, prompting complaints to the Government of Odisha and requests to the Resolution Professional to
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Initial Corporate…
The Adjudicating Authority issued directions…
The Interlocutory Application (IA No.212/CTB/2020) was filed by the H.I.W. Workers' Union under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC), against Nandakini Contractors Private Limited (the Financial Creditor), Hirakud Industrial Works Limited (the Corporate Debtor), and Mr. Ananda Rao Korada (Resolution Professional of the Corporate Debtor). The applicant sought directions from the Adjudicating Authority to maintain the status quo regarding the nature and character of the lands belonging to the Corporate Debtor. In CP(IB) No. 01/CTB/2019, the Adjudicating Authority had previously issued directions to the petitioner and the Resolution Professional and posted the matter for further hearing on 20.03.2020. Due to the COVID-19 pandemic and subsequent
…The H.I.W. Workers' Union filed an Interlocutory Application (IA No.212/CTB/2020) under Section 60(5) of the IBC against Nandakini Contractors Private Limited (Financial Creditor), Hirakud Industrial Works Limited (Corporate Debtor), and Mr. Ananda Rao Korada (Resolution Professional). The Union sought to maintain the status quo of the Corporate Debtor's land due to concerns about illegal development activity. The Adjudicating Authority had previously issued directions in CP(IB) No. 01/CTB/2019, but subsequent hearings were delayed due to the COVID-19 pandemic. The Union alleged that unknown persons had entered the Corporate Debtor's land and started development activity, prompting complaints to the Government of Odisha and requests to the Resolution Professional to
…Initial Corporate…
The Adjudicating Authority issued directions…