The National Company Law Tribunal (NCLT), Chennai Bench, heard an application (IA(IBC)/2308(CHE)/2023) regarding a corporate insolvency resolution process. The NCLT had previously appointed Mr. GS Sudhir as a liquidator on 2024-05-31. However, the Committee of Creditors (CoC) had recommended Mr. Ravindra Beleyur (the applicant in the current IA) to act as the liquidator. The IBBI had also issued a notification recommending that a person other than the IRP/RP of the Corporate Debtor be appointed as the Liquidator. The NCLT's initial order failed to consider a decision of the Hon'ble Karnataka High Court regarding the IBBI notification.
On 2024-05-31, the NCLT, Chennai Bench, appointed Mr. GS Sudhir as a liquidator in IA(IBC)/2308(CHE)/2023. The Committee of Creditors (CoC) had recommended Mr. Ravindra Beleyur as the liquidator. The IBBI issued a notification recommending that a person other than the IRP/RP of the Corporate Debtor be appointed as the Liquidator. The IBBI notification/circular dated 2023-07-18 was challenged in Writ Petition WP.No.27043 of 2023 before the Karnataka High Court. The Karnataka High Court ordered that the petitioner, insofar as he is appointed as Resolution Professional/Liquidator in the subject liquidation, shall not be precipitated. The NCLT's order dated 2024-05-31 failed to consider the Karnataka High Court's order. The NCLT invoked Rule 11 of the NCLT Rules, 2016, to
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IBBI issued a…
The Hon'ble Karnataka…
The National Company Law Tribunal (NCLT), Chennai Bench, heard an application (IA(IBC)/2308(CHE)/2023) regarding a corporate insolvency resolution process. The NCLT had previously appointed Mr. GS Sudhir as a liquidator on 2024-05-31. However, the Committee of Creditors (CoC) had recommended Mr. Ravindra Beleyur (the applicant in the current IA) to act as the liquidator. The IBBI had also issued a notification recommending that a person other than the IRP/RP of the Corporate Debtor be appointed as the Liquidator. The NCLT's initial order failed to consider a decision of the Hon'ble Karnataka High Court regarding the IBBI notification.
On 2024-05-31, the NCLT, Chennai Bench, appointed Mr. GS Sudhir as a liquidator in IA(IBC)/2308(CHE)/2023. The Committee of Creditors (CoC) had recommended Mr. Ravindra Beleyur as the liquidator. The IBBI issued a notification recommending that a person other than the IRP/RP of the Corporate Debtor be appointed as the Liquidator. The IBBI notification/circular dated 2023-07-18 was challenged in Writ Petition WP.No.27043 of 2023 before the Karnataka High Court. The Karnataka High Court ordered that the petitioner, insofar as he is appointed as Resolution Professional/Liquidator in the subject liquidation, shall not be precipitated. The NCLT's order dated 2024-05-31 failed to consider the Karnataka High Court's order. The NCLT invoked Rule 11 of the NCLT Rules, 2016, to
…IBBI issued a…
The Hon'ble Karnataka…