The case involves an application filed by the Liquidator under Section 35(1)(n), 60(5)(c) and other applicable provisions of the Insolvency and Bankruptcy Code, 2016, and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) had been initiated against Nicco Corporation Limited, and Mr. Vinod Kumar Kothari was appointed as the Liquidator via an order dated 2017-10-17.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Nicco Corporation Limited. Mr. Vinod Kumar Kothari was appointed as the Liquidator for the liquidation of Nicco Corporation Limited on 2017-10-17. The Liquidator then filed an application seeking direction regarding the inclusion of workmen representatives in the Monitoring Committee, which had been constituted as per the direction issued to the Liquidator vide Order dated 2017-11-24. The Liquidator argued that including workmen representatives is fair and just, especially concerning the distribution of proceeds under Section 53 of the Code. The relevance of including workmen representatives stems from the fact that Section 53(1)(b) places workers pari passu with secured creditors, giving them a
…Sign in to view the parties.
Order issued appointing Mr. Vinod Kumar Kothari…
Order issued directing…
The case involves an application filed by the Liquidator under Section 35(1)(n), 60(5)(c) and other applicable provisions of the Insolvency and Bankruptcy Code, 2016, and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) had been initiated against Nicco Corporation Limited, and Mr. Vinod Kumar Kothari was appointed as the Liquidator via an order dated 2017-10-17.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Nicco Corporation Limited. Mr. Vinod Kumar Kothari was appointed as the Liquidator for the liquidation of Nicco Corporation Limited on 2017-10-17. The Liquidator then filed an application seeking direction regarding the inclusion of workmen representatives in the Monitoring Committee, which had been constituted as per the direction issued to the Liquidator vide Order dated 2017-11-24. The Liquidator argued that including workmen representatives is fair and just, especially concerning the distribution of proceeds under Section 53 of the Code. The relevance of including workmen representatives stems from the fact that Section 53(1)(b) places workers pari passu with secured creditors, giving them a
…Order issued appointing Mr. Vinod Kumar Kothari…
Order issued directing…