The case involves IA-875/2021, preferred by the erstwhile Resolution Professional (RP), Mr. Vivek Raheja, for approval of a Resolution Plan, and IA-2205/2021, preferred by Mr. Anil Kumar Tyagi for rejection of the plan. The National Company Law Tribunal (NCLT) has been hearing arguments from the counsels of the involved parties. The core issues revolve around the eligibility of the Corporate Debtor (CD) for MSME exemptions under Section 29A of the Insolvency and Bankruptcy Code (IBC), the eligibility of the Successful Resolution Applicant (SRA), and the conduct of the RP, including potential concealment of ineligibility and suppression of material facts from the Committee of Creditors (CoC).
In 1972, M/s Trading Engineers International Ltd. (Corporate Debtor) was established under the Companies Act, 1956. The Corporate Debtor was an OEA of Kirloskar Oil Engines Ltd and was/is in the business of Manufacturing, supplying DG Sets and other equipment for the Ministry of Defense (MOD) and other government departments. In 2008, the Corporate Debtor expanded its business in TSP / EPC, Transmission. The Corporate Debtor was under the management and control of directors including Bala Chhabra, Sushant Chhabra, Mrs. Nargis Malik, and Sanjeev Kapoor. Key shareholders included VK Chhabra, Bala Chhabra, Sushant Chhabra, Ruchi Chhabra, Unitech Machines Ltd., SAB Holdings (India) Pvt. Ltd., Gessup Logistics and Finance Pvt. Ltd., and Techno Auto Components (India) Pvt.
…Sign in to view the parties.
M/s Trading Engineers…
The Corporate Debtor…
The case involves IA-875/2021, preferred by the erstwhile Resolution Professional (RP), Mr. Vivek Raheja, for approval of a Resolution Plan, and IA-2205/2021, preferred by Mr. Anil Kumar Tyagi for rejection of the plan. The National Company Law Tribunal (NCLT) has been hearing arguments from the counsels of the involved parties. The core issues revolve around the eligibility of the Corporate Debtor (CD) for MSME exemptions under Section 29A of the Insolvency and Bankruptcy Code (IBC), the eligibility of the Successful Resolution Applicant (SRA), and the conduct of the RP, including potential concealment of ineligibility and suppression of material facts from the Committee of Creditors (CoC).
In 1972, M/s Trading Engineers International Ltd. (Corporate Debtor) was established under the Companies Act, 1956. The Corporate Debtor was an OEA of Kirloskar Oil Engines Ltd and was/is in the business of Manufacturing, supplying DG Sets and other equipment for the Ministry of Defense (MOD) and other government departments. In 2008, the Corporate Debtor expanded its business in TSP / EPC, Transmission. The Corporate Debtor was under the management and control of directors including Bala Chhabra, Sushant Chhabra, Mrs. Nargis Malik, and Sanjeev Kapoor. Key shareholders included VK Chhabra, Bala Chhabra, Sushant Chhabra, Ruchi Chhabra, Unitech Machines Ltd., SAB Holdings (India) Pvt. Ltd., Gessup Logistics and Finance Pvt. Ltd., and Techno Auto Components (India) Pvt.
…M/s Trading Engineers…
The Corporate Debtor…