The case involves an application filed by the Liquidator of A.K. Power Industries Private Limited under Section 60(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of one year for the completion of the liquidation process. The Corporate Debtor, A.K. Power Industries Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) based on an application under Section 7 of the IBC, 2016. Subsequently, an order for liquidation was passed as no resolution was achieved. The Financial Creditor was directed to produce the original Loan Agreement, which led to appeals and challenges. The suspended Board of Directors contested the application, alleging that the Loan Agreement relied upon by the Financial Creditor was
…A.K. Power Industries Private Limited was admitted into CIRP based on an application under Section 7 of the IBC, 2016. An order for liquidation was passed as no resolution was achieved. The Liquidator sought an extension of time for the liquidation process. The Financial Creditor was directed to produce the original Loan Agreement. The suspended Board of Directors contested the application, alleging that the Loan Agreement was forged. They filed an FIR and claimed that the NCLT was not in existence at the time the agreement was allegedly made, making it suspicious. The Liquidator argued that the admission was based not only on the loan agreement but also on other financial considerations. The Corporate Debtor did not file an appeal against the order of admission. The
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The case involves an application filed by the Liquidator of A.K. Power Industries Private Limited under Section 60(2) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an extension of one year for the completion of the liquidation process. The Corporate Debtor, A.K. Power Industries Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) based on an application under Section 7 of the IBC, 2016. Subsequently, an order for liquidation was passed as no resolution was achieved. The Financial Creditor was directed to produce the original Loan Agreement, which led to appeals and challenges. The suspended Board of Directors contested the application, alleging that the Loan Agreement relied upon by the Financial Creditor was
…A.K. Power Industries Private Limited was admitted into CIRP based on an application under Section 7 of the IBC, 2016. An order for liquidation was passed as no resolution was achieved. The Liquidator sought an extension of time for the liquidation process. The Financial Creditor was directed to produce the original Loan Agreement. The suspended Board of Directors contested the application, alleging that the Loan Agreement was forged. They filed an FIR and claimed that the NCLT was not in existence at the time the agreement was allegedly made, making it suspicious. The Liquidator argued that the admission was based not only on the loan agreement but also on other financial considerations. The Corporate Debtor did not file an appeal against the order of admission. The
…An order was passed admitting the Corporate…
There being no…