The case involves an application (I.A. No. 1883 of 2023) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against Arshiya Northern FTWZ Limited. The CIRP was initiated by the National Company Law Tribunal (NCLT), Mumbai Bench, on 14.11.2022. The applicant, the Interim Resolution Professional (IRP), alleges that the suspended directors of the corporate debtor violated the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code (IBC) by making payments to group companies. The respondents, including the suspended directors and group companies, argue that the moratorium was not in effect during certain periods due to a stay order by the NCLAT, and that the payments were lawful and made in good faith. The IRP sought penal orders against
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Arshiya Northern FTWZ Limited by the NCLT Mumbai Bench on 14.11.2022. Mr. Ram Ratan Kanoongo was appointed as the Interim Resolution Professional (IRP). The IRP filed an application alleging that the suspended directors of the corporate debtor violated Section 14 of the Insolvency and Bankruptcy Code (IBC) by making payments totaling Rs. 1,16,25,000/- to group companies (Respondents 6 and 7). The respondents argued that an order by the NCLAT on 07.12.2022 stayed the NCLT's order, thus the moratorium was not in effect from 07.12.2022 to 15.02.2023, when the NCLAT vacated the stay. The respondents claimed that Rs. 15,50,000/- was repaid to the Corporate Debtor between 28.11.2022 and 06.12.2022, and
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Corporate Insolvency Resolution Process (CIRP)…
Order passed by the…
The case involves an application (I.A. No. 1883 of 2023) filed in an ongoing Corporate Insolvency Resolution Process (CIRP) against Arshiya Northern FTWZ Limited. The CIRP was initiated by the National Company Law Tribunal (NCLT), Mumbai Bench, on 14.11.2022. The applicant, the Interim Resolution Professional (IRP), alleges that the suspended directors of the corporate debtor violated the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code (IBC) by making payments to group companies. The respondents, including the suspended directors and group companies, argue that the moratorium was not in effect during certain periods due to a stay order by the NCLAT, and that the payments were lawful and made in good faith. The IRP sought penal orders against
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Arshiya Northern FTWZ Limited by the NCLT Mumbai Bench on 14.11.2022. Mr. Ram Ratan Kanoongo was appointed as the Interim Resolution Professional (IRP). The IRP filed an application alleging that the suspended directors of the corporate debtor violated Section 14 of the Insolvency and Bankruptcy Code (IBC) by making payments totaling Rs. 1,16,25,000/- to group companies (Respondents 6 and 7). The respondents argued that an order by the NCLAT on 07.12.2022 stayed the NCLT's order, thus the moratorium was not in effect from 07.12.2022 to 15.02.2023, when the NCLAT vacated the stay. The respondents claimed that Rs. 15,50,000/- was repaid to the Corporate Debtor between 28.11.2022 and 06.12.2022, and
…Corporate Insolvency Resolution Process (CIRP)…
Order passed by the…