The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, but the Hon'ble NCLAT subsequently set aside the orders of the NCLT and closed the CIRP after the entire amount of Rs. 371.00 crores was deposited. Several Interlocutory Applications (IAs) were filed in connection with the CIRP.
JM Financial Asset Reconstruction Company Limited, acting as trustee of Hotel II may, 2022 Trust, filed an application under Section 7 of the IBC, 2016 against Asian Hotels (West) Ltd. The NCLT initially allowed the application, initiating the CIRP. However, the Hon'ble NCLAT later set aside the NCLT's order after Asian Hotels (West) Ltd deposited Rs. 371.00 crores. Consequently, the CIRP was closed. Several IAs were filed during the CIRP, including one by the Employee Provided Fund Organization under Section 60(5) of IBC. The NCLAT order dated 09.01.2024 set aside the orders of the Tribunal dated 16.09.2022.
Sign in to view the parties.
NCLT allowed the…
NCLAT order…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated, but the Hon'ble NCLAT subsequently set aside the orders of the NCLT and closed the CIRP after the entire amount of Rs. 371.00 crores was deposited. Several Interlocutory Applications (IAs) were filed in connection with the CIRP.
JM Financial Asset Reconstruction Company Limited, acting as trustee of Hotel II may, 2022 Trust, filed an application under Section 7 of the IBC, 2016 against Asian Hotels (West) Ltd. The NCLT initially allowed the application, initiating the CIRP. However, the Hon'ble NCLAT later set aside the NCLT's order after Asian Hotels (West) Ltd deposited Rs. 371.00 crores. Consequently, the CIRP was closed. Several IAs were filed during the CIRP, including one by the Employee Provided Fund Organization under Section 60(5) of IBC. The NCLAT order dated 09.01.2024 set aside the orders of the Tribunal dated 16.09.2022.
NCLT allowed the…
NCLAT order…