The appeal was filed against an order by the National Company Law Appellate Tribunal (NCLAT), which upheld an order by the National Company Law Tribunal (NCLT). The NCLT order affirmed the rejection of the expression of interest by the Resolution Professional. The Interlocutory Application No. 163646 of 2021 came up for hearing, and the court heard the learned counsel for the parties in the civil appeal.
The appellant filed an appeal against the order passed by the National Company Law Appellate Tribunal (NCLAT), which upheld the order passed by the National Company Law Tribunal (NCLT). The NCLT had affirmed the rejection of the expression of interest by the Resolution Professional. The court found two grounds against the acceptability of the expression of interest. First, it was found that the expression of interest would be in violation of Section 29A(a) of the Insolvency and Bankruptcy Code, 2016. Second, the attempt to seek shelter under Section 240A on the score that the Corporate Debtor was a MSME also did not find favor. The court dismissed the appeal.
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The appeal was filed against an order by the National Company Law Appellate Tribunal (NCLAT), which upheld an order by the National Company Law Tribunal (NCLT). The NCLT order affirmed the rejection of the expression of interest by the Resolution Professional. The Interlocutory Application No. 163646 of 2021 came up for hearing, and the court heard the learned counsel for the parties in the civil appeal.
The appellant filed an appeal against the order passed by the National Company Law Appellate Tribunal (NCLAT), which upheld the order passed by the National Company Law Tribunal (NCLT). The NCLT had affirmed the rejection of the expression of interest by the Resolution Professional. The court found two grounds against the acceptability of the expression of interest. First, it was found that the expression of interest would be in violation of Section 29A(a) of the Insolvency and Bankruptcy Code, 2016. Second, the attempt to seek shelter under Section 240A on the score that the Corporate Debtor was a MSME also did not find favor. The court dismissed the appeal.
The Supreme…
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