The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Jayaraj Neon Engineering & Construction Pvt. Ltd. against Neo Structo Construction Pvt. Ltd. The application, CP(IB)/68(AHM)/2022, was initially dismissed by the National Company Law Tribunal (NCLT), Ahmedabad. Subsequently, an application was filed for the restoration of the original petition. The applicant sought the restoration of the original CP (IB) No. 68 of 2022 and the commencement of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The initial dismissal occurred because the applicant was not diligent in pursuing the matter, failing to file Vakalatnama and not making categorical submissions regarding settlement.
Jayaraj Neon Engineering & Construction Pvt. Ltd. filed CP(IB) No. 68 of 2022 under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Neo Structo Construction Pvt. Ltd. The application was initially dismissed on 09.01.2023 due to the applicant's lack of diligence, including failure to file Vakalatnama and make categorical submissions regarding settlement. The applicant then filed an application for restoration of the original petition, seeking to revive the CIRP process against the Corporate Debtor. Settlement talks were reportedly ongoing, but no concrete submissions were made to the NCLT. The Corporate Debtor did not press the matter for hearing. Arbitration proceedings were also ongoing before the High Court. The applicant had not filed a reply or
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CP (IB) No. 68 of 2022…
Learned Counsel Ms. Swagata for applicant…
The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, by Jayaraj Neon Engineering & Construction Pvt. Ltd. against Neo Structo Construction Pvt. Ltd. The application, CP(IB)/68(AHM)/2022, was initially dismissed by the National Company Law Tribunal (NCLT), Ahmedabad. Subsequently, an application was filed for the restoration of the original petition. The applicant sought the restoration of the original CP (IB) No. 68 of 2022 and the commencement of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The initial dismissal occurred because the applicant was not diligent in pursuing the matter, failing to file Vakalatnama and not making categorical submissions regarding settlement.
Jayaraj Neon Engineering & Construction Pvt. Ltd. filed CP(IB) No. 68 of 2022 under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Neo Structo Construction Pvt. Ltd. The application was initially dismissed on 09.01.2023 due to the applicant's lack of diligence, including failure to file Vakalatnama and make categorical submissions regarding settlement. The applicant then filed an application for restoration of the original petition, seeking to revive the CIRP process against the Corporate Debtor. Settlement talks were reportedly ongoing, but no concrete submissions were made to the NCLT. The Corporate Debtor did not press the matter for hearing. Arbitration proceedings were also ongoing before the High Court. The applicant had not filed a reply or
…CP (IB) No. 68 of 2022…
Learned Counsel Ms. Swagata for applicant…