The case involves an application filed by the Resolution Professional of Orissa Manganese and Minerals Limited (OMM Ltd), the Corporate Debtor, in C.P. (IB) No. 371 of 2017, seeking to lift the order of stoppage of mining work at Patmunda Manganese Mines in Sundargarh, Odisha. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on an application by State Bank of India (SBI), the Financial Creditor, which was admitted on 03.08.2017, leading to a moratorium under Section 14 of the Insolvency and Bankruptcy Code (IB Code). The respondents had issued a notice for stoppage of mining operations due to non-payment of compensation, which the Resolution Professional argued was in violation of the moratorium.
State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Orissa Manganese & Minerals Ltd (OMM Ltd) which was admitted on 03.08.2017. Consequently, a moratorium was declared under Section 14 of the Insolvency and Bankruptcy Code (IBC). OMM Ltd is a mining lease holder of Patmunda Manganese Mines, employing around 1000 workers. The Director of Mines, Odisha, issued a notice (Annexure-E) on 01.01.2018, for stoppage of mining operations due to non-payment of compensation. The Resolution Professional (Sumit Binani) approached the respondents to lift the stoppage, but the respondents did not comply. The CIRP period started from 03.08.2017 and was to expire on 28.04.2018. The Resolution Professional then filed an application before the
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Corporate Insolvency Resolution Process…
A moratorium was declared under Section 14 of…
The case involves an application filed by the Resolution Professional of Orissa Manganese and Minerals Limited (OMM Ltd), the Corporate Debtor, in C.P. (IB) No. 371 of 2017, seeking to lift the order of stoppage of mining work at Patmunda Manganese Mines in Sundargarh, Odisha. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on an application by State Bank of India (SBI), the Financial Creditor, which was admitted on 03.08.2017, leading to a moratorium under Section 14 of the Insolvency and Bankruptcy Code (IB Code). The respondents had issued a notice for stoppage of mining operations due to non-payment of compensation, which the Resolution Professional argued was in violation of the moratorium.
State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Orissa Manganese & Minerals Ltd (OMM Ltd) which was admitted on 03.08.2017. Consequently, a moratorium was declared under Section 14 of the Insolvency and Bankruptcy Code (IBC). OMM Ltd is a mining lease holder of Patmunda Manganese Mines, employing around 1000 workers. The Director of Mines, Odisha, issued a notice (Annexure-E) on 01.01.2018, for stoppage of mining operations due to non-payment of compensation. The Resolution Professional (Sumit Binani) approached the respondents to lift the stoppage, but the respondents did not comply. The CIRP period started from 03.08.2017 and was to expire on 28.04.2018. The Resolution Professional then filed an application before the
…Corporate Insolvency Resolution Process…
A moratorium was declared under Section 14 of…