The case involves an application (CA No.409/C-III/ND/2019) filed under Section 60(5)(e) of the Insolvency and Bankruptcy Code, 2016, seeking the exclusion of 73 days from the CIRP period. The order initiating CIRP on 17.12.2018 was challenged before the NCLAT. NCLAT disposed of the appeal (Company Appeal (AT) Insolvency No.86 of 2019) with certain directions/observations on 07.05.2019. The NCLAT did not interfere with the impugned order but allowed the appellants to settle the matter with Jay ACE Technologies Ltd and other creditors and move an application under Section 12A of the I&B Code before the Committee of Creditors.
Jay ACE Technologies Ltd initiated CIRP against Micromax Energy Ltd under Section 9 of the IBC, 2016. The CIRP initiation order dated 17.12.2018 was challenged before the NCLAT. The NCLAT disposed of the appeal on 07.05.2019, allowing the parties to settle the matter and move an application under Section 12A of the I&B Code. An application (CA No.409/C-III/ND/2019) was filed seeking the exclusion of 73 days from the CIRP period due to the pending appeal. The Resolution Professional sought to withdraw an application for extension of time for CIRP (CA No.385/C-III/ND/2019) due to the exclusion of time granted in CA No.409/2019. Clarifications were sought in CA No.384/C-III/ND/2019 regarding the implementation of a resolution plan based on a judgment in 'Nikhil Mehta
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The case involves an application (CA No.409/C-III/ND/2019) filed under Section 60(5)(e) of the Insolvency and Bankruptcy Code, 2016, seeking the exclusion of 73 days from the CIRP period. The order initiating CIRP on 17.12.2018 was challenged before the NCLAT. NCLAT disposed of the appeal (Company Appeal (AT) Insolvency No.86 of 2019) with certain directions/observations on 07.05.2019. The NCLAT did not interfere with the impugned order but allowed the appellants to settle the matter with Jay ACE Technologies Ltd and other creditors and move an application under Section 12A of the I&B Code before the Committee of Creditors.
Jay ACE Technologies Ltd initiated CIRP against Micromax Energy Ltd under Section 9 of the IBC, 2016. The CIRP initiation order dated 17.12.2018 was challenged before the NCLAT. The NCLAT disposed of the appeal on 07.05.2019, allowing the parties to settle the matter and move an application under Section 12A of the I&B Code. An application (CA No.409/C-III/ND/2019) was filed seeking the exclusion of 73 days from the CIRP period due to the pending appeal. The Resolution Professional sought to withdraw an application for extension of time for CIRP (CA No.385/C-III/ND/2019) due to the exclusion of time granted in CA No.409/2019. Clarifications were sought in CA No.384/C-III/ND/2019 regarding the implementation of a resolution plan based on a judgment in 'Nikhil Mehta
…Order passed by the…
NCLAT disposed of the…