The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Phoenix ARC Pvt Ltd (Trustee of Phonix Trust FY 14-9) against Nagaur Water Supply Company Pvt Ltd. The application had been previously dismissed by the Adjudicating Authority due to being barred by limitation. However, the NCLAT set aside the order and directed the Adjudicating Authority to admit the application and issue further directions as required under the provisions of the IBC, 2016.
Phoenix ARC Pvt Ltd, acting as the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nagaur Water Supply Company Pvt Ltd, the corporate debtor. The application was initially dismissed by the Adjudicating Authority on the grounds of limitation. However, the NCLAT overturned this decision and directed the Adjudicating Authority to admit the application. The parties were unable to reach a settlement. The financial creditor proposed Mr. Parag Sheth as the Interim Resolution Professional (IRP). The Adjudicating Authority found no reason to deem Mr. Sheth ineligible for the role. The key fact is that the NCLAT's intervention led to the admission of the corporate debtor into CIRP, despite the initial dismissal.
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Hon'ble NCLAT set aside the Adjudicating…
Date of hearing and pronouncement of order…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Phoenix ARC Pvt Ltd (Trustee of Phonix Trust FY 14-9) against Nagaur Water Supply Company Pvt Ltd. The application had been previously dismissed by the Adjudicating Authority due to being barred by limitation. However, the NCLAT set aside the order and directed the Adjudicating Authority to admit the application and issue further directions as required under the provisions of the IBC, 2016.
Phoenix ARC Pvt Ltd, acting as the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nagaur Water Supply Company Pvt Ltd, the corporate debtor. The application was initially dismissed by the Adjudicating Authority on the grounds of limitation. However, the NCLAT overturned this decision and directed the Adjudicating Authority to admit the application. The parties were unable to reach a settlement. The financial creditor proposed Mr. Parag Sheth as the Interim Resolution Professional (IRP). The Adjudicating Authority found no reason to deem Mr. Sheth ineligible for the role. The key fact is that the NCLAT's intervention led to the admission of the corporate debtor into CIRP, despite the initial dismissal.
Hon'ble NCLAT set aside the Adjudicating…
Date of hearing and pronouncement of order…