The case involves a statutory appeal under Section 62 of the Insolvency and Bankruptcy Code (IBC) 2016 against the final judgment and order dated 18.09.2018 passed by the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appellant, M/S. HADA TEXTILE INDUSTRIES LTD., was declared a sick company by the BFIR on 10.08.2001 under the provisions of SICA, with IFCI appointed as the Operating Agency. A rehabilitation scheme was formed but expired in 2013 without the appellant's net worth turning positive. A modified plan was submitted but was under consideration when the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 came into force. The appellant filed C.P.No.171/2017 before the NCLT, Kolkata, seeking an extension of the scheme, which was
…M/S. HADA TEXTILE INDUSTRIES LTD. was declared a sick company by the BFIR on 2001-08-10 under SICA, and IFCI was appointed as the Operating Agency. A rehabilitation scheme was formed, but it expired in 2013 without the company's net worth becoming positive. The company submitted a modified plan, which was under consideration when the Repeal Act came into force. The company filed C.P.No.171/2017 before the NCLT, Kolkata, seeking an extension of the scheme, which was dismissed on 2017-04-13. Another application, C.P. No.406/KB/2017, was filed seeking an extension of the scheme's period, which was also dismissed on 2017-11-13 and confirmed in appeal by the NCLAT on 2018-09-18. The NCLT directed that liquidation proceedings should follow. The appellant claimed that its net
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BFIR declared M/S. HADA…
Rehabilitation scheme…
The case involves a statutory appeal under Section 62 of the Insolvency and Bankruptcy Code (IBC) 2016 against the final judgment and order dated 18.09.2018 passed by the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appellant, M/S. HADA TEXTILE INDUSTRIES LTD., was declared a sick company by the BFIR on 10.08.2001 under the provisions of SICA, with IFCI appointed as the Operating Agency. A rehabilitation scheme was formed but expired in 2013 without the appellant's net worth turning positive. A modified plan was submitted but was under consideration when the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 came into force. The appellant filed C.P.No.171/2017 before the NCLT, Kolkata, seeking an extension of the scheme, which was
…M/S. HADA TEXTILE INDUSTRIES LTD. was declared a sick company by the BFIR on 2001-08-10 under SICA, and IFCI was appointed as the Operating Agency. A rehabilitation scheme was formed, but it expired in 2013 without the company's net worth becoming positive. The company submitted a modified plan, which was under consideration when the Repeal Act came into force. The company filed C.P.No.171/2017 before the NCLT, Kolkata, seeking an extension of the scheme, which was dismissed on 2017-04-13. Another application, C.P. No.406/KB/2017, was filed seeking an extension of the scheme's period, which was also dismissed on 2017-11-13 and confirmed in appeal by the NCLAT on 2018-09-18. The NCLT directed that liquidation proceedings should follow. The appellant claimed that its net
…BFIR declared M/S. HADA…
Rehabilitation scheme…