The Liquidator of Varrsana Ispat Limited filed an application seeking directions for the Respondent, Mr. Akshay Jhunjhunwala, to reimburse expenses incurred during the period a scheme of compromise and arrangement under Section 230 was being considered. The Liquidator contends that these expenses, totaling ₹1,87,01,544/-, should be reimbursed as they were incurred while exploring the scheme.
The Liquidator of Varrsana Ispat Limited sought reimbursement of ₹1,87,01,544/- from Mr. Akshay Jhunjhunwala for expenses incurred during the consideration of a Section 230 scheme.
The application was filed under Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, and relevant IBBI regulations.
A scheme proposal was received from Mr. Akshay Jhunjhunwala, an ex-director of Varrsana Ispat Ltd., on 13.08.2019.
The Liquidator filed I.A. 1331/2019 to place the scheme for consideration, stating it benefited all stakeholders.
The NCLAT in Jindal Steel & Power Ltd. v. Arun Kumar Jagatramka held that promoters ineligible under Section 29A cannot sponsor a Section 230 scheme during liquidation.
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Liquidation commenced and the Applicant was…
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The Liquidator of Varrsana Ispat Limited filed an application seeking directions for the Respondent, Mr. Akshay Jhunjhunwala, to reimburse expenses incurred during the period a scheme of compromise and arrangement under Section 230 was being considered. The Liquidator contends that these expenses, totaling ₹1,87,01,544/-, should be reimbursed as they were incurred while exploring the scheme.
The Liquidator of Varrsana Ispat Limited sought reimbursement of ₹1,87,01,544/- from Mr. Akshay Jhunjhunwala for expenses incurred during the consideration of a Section 230 scheme.
The application was filed under Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, and relevant IBBI regulations.
A scheme proposal was received from Mr. Akshay Jhunjhunwala, an ex-director of Varrsana Ispat Ltd., on 13.08.2019.
The Liquidator filed I.A. 1331/2019 to place the scheme for consideration, stating it benefited all stakeholders.
The NCLAT in Jindal Steel & Power Ltd. v. Arun Kumar Jagatramka held that promoters ineligible under Section 29A cannot sponsor a Section 230 scheme during liquidation.
…Liquidation commenced and the Applicant was…
A scheme proposal was received from Mr. Akshay…