The case involves an application (MA/763/2019 in MA/646/2019) filed by the Financial Creditor, Allahabad Bank, seeking directions regarding the distribution of margin money. The Bench noted that allowing the application would not affect the stay granted by the NCLAT in Appeal Nos. 761 & 762 of 2019. The application was allowed, but the Resolution Professional was directed to mention MA/646/2019 after the pending appeal before the NCLAT is decided.
Allahabad Bank, as a Financial Creditor, filed an application (MA/763/2019 in MA/646/2019) seeking directions regarding the distribution of margin money. The NCLT Chennai Bench considered the application in relation to a stay order granted by the NCLAT in Appeal Nos. 761 & 762 of 2019. The court found that allowing the application would not affect the stay. The Resolution Professional was directed to mention MA/646/2019 after the appeal pending before NCLAT is decided. The corporate debtor is Orchid Pharma Ltd.
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CP/540/IB/20…
Hearing held…
The case involves an application (MA/763/2019 in MA/646/2019) filed by the Financial Creditor, Allahabad Bank, seeking directions regarding the distribution of margin money. The Bench noted that allowing the application would not affect the stay granted by the NCLAT in Appeal Nos. 761 & 762 of 2019. The application was allowed, but the Resolution Professional was directed to mention MA/646/2019 after the pending appeal before the NCLAT is decided.
Allahabad Bank, as a Financial Creditor, filed an application (MA/763/2019 in MA/646/2019) seeking directions regarding the distribution of margin money. The NCLT Chennai Bench considered the application in relation to a stay order granted by the NCLAT in Appeal Nos. 761 & 762 of 2019. The court found that allowing the application would not affect the stay. The Resolution Professional was directed to mention MA/646/2019 after the appeal pending before NCLAT is decided. The corporate debtor is Orchid Pharma Ltd.
CP/540/IB/20…
Hearing held…