The case involves an application/petition by Central Bank of India against NCML Industries Ltd. under Section 7 of the Insolvency & Bankruptcy Code, CIRP. The decision of the CoC for liquidation of the Corporate debtor has been taken by voting share of 84.55% and later SBER Bank has also supported along with Standard Charted Bank. The total voting share comes to about 93%. An appeal against the admission order dated 07.11.2017 before the NCLAT by the Ex-Director is still pending and is likely to come up for hearing on 02.11.2018.
Central Bank of India filed an application/petition against NCML Industries Ltd. under Section 7 of the Insolvency & Bankruptcy Code. The Committee of Creditors (CoC) has decided to liquidate the Corporate Debtor with a voting share of 84.55%, supported by SBER Bank and Standard Chartered Bank, totaling approximately 93%. An appeal against the admission order dated 07.11.2017 has been filed before the NCLAT by the Ex-Director, with a hearing scheduled for 02.11.2018. The NCLT is currently considering objections to CA-753(PB)/2018, with a deadline of two weeks granted for filing such objections. The case is scheduled for further consideration on 27.11.2018.
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Date of the admission order against which an…
Order delivered by the…
The case involves an application/petition by Central Bank of India against NCML Industries Ltd. under Section 7 of the Insolvency & Bankruptcy Code, CIRP. The decision of the CoC for liquidation of the Corporate debtor has been taken by voting share of 84.55% and later SBER Bank has also supported along with Standard Charted Bank. The total voting share comes to about 93%. An appeal against the admission order dated 07.11.2017 before the NCLAT by the Ex-Director is still pending and is likely to come up for hearing on 02.11.2018.
Central Bank of India filed an application/petition against NCML Industries Ltd. under Section 7 of the Insolvency & Bankruptcy Code. The Committee of Creditors (CoC) has decided to liquidate the Corporate Debtor with a voting share of 84.55%, supported by SBER Bank and Standard Chartered Bank, totaling approximately 93%. An appeal against the admission order dated 07.11.2017 has been filed before the NCLAT by the Ex-Director, with a hearing scheduled for 02.11.2018. The NCLT is currently considering objections to CA-753(PB)/2018, with a deadline of two weeks granted for filing such objections. The case is scheduled for further consideration on 27.11.2018.
Date of the admission order against which an…
Order delivered by the…