The case involves an appeal filed by Dr. P. Mahalingam, the erstwhile Promoter/Director of Santosh Hospital Private Limited (Corporate Debtor), against a common final judgment and order dated 14.02.2022 passed by the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The NCLAT upheld orders passed by the National Company Law Tribunal (NCLT), Chennai, which included an order for liquidation of the Corporate Debtor Company dated 04.12.2019 and an order dated 17.12.2020 for handing over possession of the hospital to the respondent No. 1, the Financial Creditor of the Corporate Debtor. The appeal is filed under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC).
Dr. P. Mahalingam, the former Promoter/Director of Santosh Hospital Private Limited, filed an appeal against the liquidation order of the Corporate Debtor. The National Company Law Tribunal (NCLT), Chennai, had ordered the liquidation on 04.12.2019 and the handover of the hospital to the Financial Creditor (respondent No. 1) on 17.12.2020. The National Company Law Appellate Tribunal (NCLAT) upheld these orders on 14.02.2022. The appellant argues against the liquidation, citing the objectives of the IBC. The respondents contend that SARFAESI proceedings have attained finality, and the hospital is not the Corporate Debtor's property. The appellant made offers to pay the respondent No. 1, improving the offers over time, with the latest offer being Rs. 10 crore. The
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National Company Law Tribunal (NCLT), Chennai,…
National Company Law Tribunal (NCLT),…
The case involves an appeal filed by Dr. P. Mahalingam, the erstwhile Promoter/Director of Santosh Hospital Private Limited (Corporate Debtor), against a common final judgment and order dated 14.02.2022 passed by the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The NCLAT upheld orders passed by the National Company Law Tribunal (NCLT), Chennai, which included an order for liquidation of the Corporate Debtor Company dated 04.12.2019 and an order dated 17.12.2020 for handing over possession of the hospital to the respondent No. 1, the Financial Creditor of the Corporate Debtor. The appeal is filed under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC).
Dr. P. Mahalingam, the former Promoter/Director of Santosh Hospital Private Limited, filed an appeal against the liquidation order of the Corporate Debtor. The National Company Law Tribunal (NCLT), Chennai, had ordered the liquidation on 04.12.2019 and the handover of the hospital to the Financial Creditor (respondent No. 1) on 17.12.2020. The National Company Law Appellate Tribunal (NCLAT) upheld these orders on 14.02.2022. The appellant argues against the liquidation, citing the objectives of the IBC. The respondents contend that SARFAESI proceedings have attained finality, and the hospital is not the Corporate Debtor's property. The appellant made offers to pay the respondent No. 1, improving the offers over time, with the latest offer being Rs. 10 crore. The
…National Company Law Tribunal (NCLT), Chennai,…
National Company Law Tribunal (NCLT),…