The case involves an application (I.A. No. 291 of 2019) filed in connection with a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The application was filed in CP(IB) No. 131/9/NCLT/AHM/2018 before the National Company Law Tribunal (NCLT), Indore Bench at Ahmedabad. The applicant sought permission from the Adjudicating Authority to dispose of the application before the final adjudication of I.A No.83 of 2019 and to direct Respondent No.3 to open a new account with a Nationalized Bank and deposit the amount offered in the Resolution Plan.
The Committee of Creditors of Madhya Bharat Phosphate Private Limited, through Punjab National Bank, filed an application (I.A. No. 291 of 2019) in CP(IB) No. 131/9/NCLT/AHM/2018. The application sought permission from the Adjudicating Authority to dispose of the application before the final adjudication of I.A No.83 of 2019 and to direct Respondent No.3 to open a new account with a Nationalized Bank and deposit the amount offered in the Resolution Plan. The Adjudicating Authority, after considering the application under Section 60(5) of the IBC, 2016, found no merit in it and rejected the prayers sought. The order was pronounced in open court on March 5, 2020.
Sign in to view the parties.
Corporate Insolvency…
Interlocutory…
The case involves an application (I.A. No. 291 of 2019) filed in connection with a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The application was filed in CP(IB) No. 131/9/NCLT/AHM/2018 before the National Company Law Tribunal (NCLT), Indore Bench at Ahmedabad. The applicant sought permission from the Adjudicating Authority to dispose of the application before the final adjudication of I.A No.83 of 2019 and to direct Respondent No.3 to open a new account with a Nationalized Bank and deposit the amount offered in the Resolution Plan.
The Committee of Creditors of Madhya Bharat Phosphate Private Limited, through Punjab National Bank, filed an application (I.A. No. 291 of 2019) in CP(IB) No. 131/9/NCLT/AHM/2018. The application sought permission from the Adjudicating Authority to dispose of the application before the final adjudication of I.A No.83 of 2019 and to direct Respondent No.3 to open a new account with a Nationalized Bank and deposit the amount offered in the Resolution Plan. The Adjudicating Authority, after considering the application under Section 60(5) of the IBC, 2016, found no merit in it and rejected the prayers sought. The order was pronounced in open court on March 5, 2020.
Corporate Insolvency…
Interlocutory…