The case involves an appeal preferred by the Corporate Debtor against an order passed by the National Company Law Tribunal (NCLT) liquidating the Corporate Debtor. The National Company Law Appellate Tribunal (NCLAT) directed that the Resolution Professional/Liquidator not proceed with the liquidation process during the pendency of the appeal. The Applicant/Liquidator brought to the notice of the NCLT the order passed by the NCLAT.
The National Company Law Tribunal (NCLT) had previously ordered the liquidation of Quantum Coal Energy Pvt Ltd (Corporate Debtor) on 17.09.2019. The Corporate Debtor, through its CEO, filed an appeal against this order. The National Company Law Appellate Tribunal (NCLAT) in C.A. (AT) (Insolvency) No. 1207 of 2019, dated 06.12.2019, directed that the liquidation process be stayed during the pendency of the appeal. The NCLAT, exercising its inherent powers under Rule 11 of the NCLAT Rules, 2016, set aside the liquidation order and the CIRP proceedings. The NCLAT also directed that the Corporate Debtor be released from the rigour of law and allowed to function independently through its Board of Directors. The Liquidator was directed to hand back the records and management
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The NCLT ordered the…
The NCLAT directed that the liquidation…
The case involves an appeal preferred by the Corporate Debtor against an order passed by the National Company Law Tribunal (NCLT) liquidating the Corporate Debtor. The National Company Law Appellate Tribunal (NCLAT) directed that the Resolution Professional/Liquidator not proceed with the liquidation process during the pendency of the appeal. The Applicant/Liquidator brought to the notice of the NCLT the order passed by the NCLAT.
The National Company Law Tribunal (NCLT) had previously ordered the liquidation of Quantum Coal Energy Pvt Ltd (Corporate Debtor) on 17.09.2019. The Corporate Debtor, through its CEO, filed an appeal against this order. The National Company Law Appellate Tribunal (NCLAT) in C.A. (AT) (Insolvency) No. 1207 of 2019, dated 06.12.2019, directed that the liquidation process be stayed during the pendency of the appeal. The NCLAT, exercising its inherent powers under Rule 11 of the NCLAT Rules, 2016, set aside the liquidation order and the CIRP proceedings. The NCLAT also directed that the Corporate Debtor be released from the rigour of law and allowed to function independently through its Board of Directors. The Liquidator was directed to hand back the records and management
…The NCLT ordered the…
The NCLAT directed that the liquidation…