The case involves an application filed by the Original Financial Creditor, IDBI Trusteeship Services Limited, seeking the revival of a Section 7 petition initially filed for Company Petition No. 4412 of 2019 and for recall of the order dated 09.02.2022, which had withdrawn the petition based on consent terms dated 05.08.2021. The Financial Creditor filed Interlocutory Application No. 3196(MB)/2022 seeking recall of the withdrawal order and restoration of the Company Petition, which was rejected by the Adjudicating Authority on 21.12.2022. The Financial Creditor then appealed to NCLAT.
Original Financial Creditor, IDBI Trusteeship Services Limited, filed an application seeking revival of Section 7 petition initially filed for Company Petition No. 4412 of 2019.
The petition was initially withdrawn based on consent terms dated 05.08.2021.
Financial Creditor filed Interlocutory Application No. 3196(MB)/2022 seeking recall of the withdrawal order and restoration of the Company Petition.
The Adjudicating Authority rejected the Interlocutory Application on 21.12.2022.
The Financial Creditor appealed to NCLAT, which allowed the appeal on 15.05.2023, setting aside the Adjudicating Authority's order.
The NCLAT found that the Adjudicating Authority had erred in rejecting the revival application, as the consent terms contemplated a revival clause in case of default.
…Sign in to view the parties.
Company Petition No.…
Petition wit…
The case involves an application filed by the Original Financial Creditor, IDBI Trusteeship Services Limited, seeking the revival of a Section 7 petition initially filed for Company Petition No. 4412 of 2019 and for recall of the order dated 09.02.2022, which had withdrawn the petition based on consent terms dated 05.08.2021. The Financial Creditor filed Interlocutory Application No. 3196(MB)/2022 seeking recall of the withdrawal order and restoration of the Company Petition, which was rejected by the Adjudicating Authority on 21.12.2022. The Financial Creditor then appealed to NCLAT.
Original Financial Creditor, IDBI Trusteeship Services Limited, filed an application seeking revival of Section 7 petition initially filed for Company Petition No. 4412 of 2019.
The petition was initially withdrawn based on consent terms dated 05.08.2021.
Financial Creditor filed Interlocutory Application No. 3196(MB)/2022 seeking recall of the withdrawal order and restoration of the Company Petition.
The Adjudicating Authority rejected the Interlocutory Application on 21.12.2022.
The Financial Creditor appealed to NCLAT, which allowed the appeal on 15.05.2023, setting aside the Adjudicating Authority's order.
The NCLAT found that the Adjudicating Authority had erred in rejecting the revival application, as the consent terms contemplated a revival clause in case of default.
…Company Petition No.…
Petition wit…