The case involves an appeal before the Supreme Court of India against an order of the National Company Law Appellate Tribunal (NCLAT). The NCLAT order admitted an application under Section 7 of the Insolvency and Bankruptcy Code 2016. The appeal before the NCLAT was pending, and the appellants were aggrieved by certain directions of the NCLAT, specifically regarding the Interim Resolution Professional continuing to run the Corporate Debtor and the stay on the constitution of the Committee of Creditors.
The ICICI Bank Limited filed a Civil Appeal No 990 of 2021 before the Supreme Court of India. The appeal concerned proceedings before the National Company Law Appellate Tribunal (NCLAT) related to an application admitted under Section 7 of the Insolvency and Bankruptcy Code 2016. The appeal before the NCLAT was still pending. The appellants were aggrieved by the NCLAT's directions that (i) the Interim Resolution Professional should continue to run the Corporate Debtor as a going concern with the assistance of the erstwhile Management, and (ii) the constitution of the Committee of Creditors has been stayed. The appellant's counsel argued that these directions would bring the resolution process to a standstill, especially considering the Corporate Debtor's admission of
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The appeal was posted…
The appeal was…
The case involves an appeal before the Supreme Court of India against an order of the National Company Law Appellate Tribunal (NCLAT). The NCLAT order admitted an application under Section 7 of the Insolvency and Bankruptcy Code 2016. The appeal before the NCLAT was pending, and the appellants were aggrieved by certain directions of the NCLAT, specifically regarding the Interim Resolution Professional continuing to run the Corporate Debtor and the stay on the constitution of the Committee of Creditors.
The ICICI Bank Limited filed a Civil Appeal No 990 of 2021 before the Supreme Court of India. The appeal concerned proceedings before the National Company Law Appellate Tribunal (NCLAT) related to an application admitted under Section 7 of the Insolvency and Bankruptcy Code 2016. The appeal before the NCLAT was still pending. The appellants were aggrieved by the NCLAT's directions that (i) the Interim Resolution Professional should continue to run the Corporate Debtor as a going concern with the assistance of the erstwhile Management, and (ii) the constitution of the Committee of Creditors has been stayed. The appellant's counsel argued that these directions would bring the resolution process to a standstill, especially considering the Corporate Debtor's admission of
…The appeal was posted…
The appeal was…