An application was filed by Pawan Kishanchand Tulsiani, a Director of Aakash Polyfilms Ltd, requesting clarification regarding a previous order dated 2021-03-17, which had stayed the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The stay was based on the fact that the Operational Creditor's proceeding was admitted into liquidation by the High Court, and a Provisional Liquidator was appointed.
Pawan Kishanchand Tulsiani, a Director of Aakash Polyfilms Ltd, filed an application seeking clarification regarding a prior order dated 2021-03-17. The previous order had stayed the CIRP against Aakash Polyfilms Ltd, the Corporate Debtor. The stay was granted because the Operational Creditor's proceeding was admitted into liquidation by the High Court, and a Provisional Liquidator was appointed. The tribunal considered the application and clarified that unless the Provisional Liquidator seeks permission from the tribunal to proceed, the Corporate Debtor cannot be admitted into CIRP as per Section 279 of the Companies Act, 2013. The tribunal emphasized that Aakash Polyfilms Ltd is not currently in the Corporate Insolvency Resolution Process due to the existing stay.
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Order dated 2021-03-17…
Tribunal clarified that the Corporate Debtor…
An application was filed by Pawan Kishanchand Tulsiani, a Director of Aakash Polyfilms Ltd, requesting clarification regarding a previous order dated 2021-03-17, which had stayed the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The stay was based on the fact that the Operational Creditor's proceeding was admitted into liquidation by the High Court, and a Provisional Liquidator was appointed.
Pawan Kishanchand Tulsiani, a Director of Aakash Polyfilms Ltd, filed an application seeking clarification regarding a prior order dated 2021-03-17. The previous order had stayed the CIRP against Aakash Polyfilms Ltd, the Corporate Debtor. The stay was granted because the Operational Creditor's proceeding was admitted into liquidation by the High Court, and a Provisional Liquidator was appointed. The tribunal considered the application and clarified that unless the Provisional Liquidator seeks permission from the tribunal to proceed, the Corporate Debtor cannot be admitted into CIRP as per Section 279 of the Companies Act, 2013. The tribunal emphasized that Aakash Polyfilms Ltd is not currently in the Corporate Insolvency Resolution Process due to the existing stay.
Order dated 2021-03-17…
Tribunal clarified that the Corporate Debtor…