The case involves an application filed by Gautam Saha and Abhijit Dutta, the suspended directors of a corporate debtor, under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking approval for a settlement proposal. The proposal involves a payment of Rs. 40 Lakhs for the full and final settlement of pending IAs. The Resolution Professional (RP) had previously filed applications under sections 19(2), 43, and 66 of the Insolvency and Bankruptcy Code, 2016, against the applicants. The NCLT Guwahati bench had verbally discussed a settlement proposal of Rs. 51,00,000 in a prior hearing but the bench was reconstituted. The applicants claim they approached relatives and friends to offer Rs. 40 Lakhs as a settlement. The RP opposed the settlement, highlighting
…Gautam Saha and Abhijit Dutta, the suspended directors of a corporate debtor, filed an application seeking approval for a settlement proposal of Rs. 40 Lakhs to resolve pending IAs. The Resolution Professional (RP) had previously initiated proceedings against them under sections 19(2), 43, and 66 of the Insolvency and Bankruptcy Code, 2016. The RP opposed the settlement, highlighting that the applicants had defaulted on payments to employees, faculties, and creditors, and had engaged in transactions detrimental to the company's interests. The RP also pointed out that the applicants had failed to provide necessary information and records, and that the proposed settlement amount was significantly lower than the outstanding dues of Rs. 2,01,17,008.00. The corporate debtor
…Sign in to view the parties.
The Corporate…
NCLT Guwahati bench verbally discussed the…
The case involves an application filed by Gautam Saha and Abhijit Dutta, the suspended directors of a corporate debtor, under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking approval for a settlement proposal. The proposal involves a payment of Rs. 40 Lakhs for the full and final settlement of pending IAs. The Resolution Professional (RP) had previously filed applications under sections 19(2), 43, and 66 of the Insolvency and Bankruptcy Code, 2016, against the applicants. The NCLT Guwahati bench had verbally discussed a settlement proposal of Rs. 51,00,000 in a prior hearing but the bench was reconstituted. The applicants claim they approached relatives and friends to offer Rs. 40 Lakhs as a settlement. The RP opposed the settlement, highlighting
…Gautam Saha and Abhijit Dutta, the suspended directors of a corporate debtor, filed an application seeking approval for a settlement proposal of Rs. 40 Lakhs to resolve pending IAs. The Resolution Professional (RP) had previously initiated proceedings against them under sections 19(2), 43, and 66 of the Insolvency and Bankruptcy Code, 2016. The RP opposed the settlement, highlighting that the applicants had defaulted on payments to employees, faculties, and creditors, and had engaged in transactions detrimental to the company's interests. The RP also pointed out that the applicants had failed to provide necessary information and records, and that the proposed settlement amount was significantly lower than the outstanding dues of Rs. 2,01,17,008.00. The corporate debtor
…The Corporate…
NCLT Guwahati bench verbally discussed the…