The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initially disposed of the CP (IB) No. 119 of 2020, directing the Respondent to settle the Petitioner's claim within three months. Aggrieved by this order, the Petitioner filed a Company Appeal before the NCLAT, Chennai. The NCLAT allowed the appeal, setting aside the Adjudicating Authority's order and directing it to admit the application and initiate the Corporate Insolvency Resolution Process (CIRP).
M/s. Dynamic Engineers Ltd (Petitioner) filed a CP (IB) No.119/BB/2020 against M/s. Muhlenbau Equipments Pvt Ltd (Respondent) under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Adjudicating Authority initially disposed of the case, directing the Respondent to settle the claim. The Petitioner appealed to the NCLAT, which allowed the appeal and directed the Adjudicating Authority to admit the application and initiate the Corporate Insolvency Resolution Process (CIRP). The amount due was more than Rupees One Lakh. The Adjudicating Authority then admitted the CP, declared a moratorium under Section 14, and appointed Mr. Konduru Prasanth Raju as the Interim Resolution Professional (IRP). The IRP is tasked with collating claims, determining the financial
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The Adjudicating Authority disposed of the…
The NCLAT allowed the appeal, setting aside…
The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority initially disposed of the CP (IB) No. 119 of 2020, directing the Respondent to settle the Petitioner's claim within three months. Aggrieved by this order, the Petitioner filed a Company Appeal before the NCLAT, Chennai. The NCLAT allowed the appeal, setting aside the Adjudicating Authority's order and directing it to admit the application and initiate the Corporate Insolvency Resolution Process (CIRP).
M/s. Dynamic Engineers Ltd (Petitioner) filed a CP (IB) No.119/BB/2020 against M/s. Muhlenbau Equipments Pvt Ltd (Respondent) under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Adjudicating Authority initially disposed of the case, directing the Respondent to settle the claim. The Petitioner appealed to the NCLAT, which allowed the appeal and directed the Adjudicating Authority to admit the application and initiate the Corporate Insolvency Resolution Process (CIRP). The amount due was more than Rupees One Lakh. The Adjudicating Authority then admitted the CP, declared a moratorium under Section 14, and appointed Mr. Konduru Prasanth Raju as the Interim Resolution Professional (IRP). The IRP is tasked with collating claims, determining the financial
…The Adjudicating Authority disposed of the…
The NCLAT allowed the appeal, setting aside…