This is an appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC), against a final judgment and order dated 18th November 2019, passed by the National Company Law Appellate Tribunal (NCLAT). The NCLAT dismissed the Company Appeal (AT) (Insolvency) No.538 of 2019, which was against an order dated 8th April 2019 passed by the Adjudicating Authority. The Adjudicating Authority had admitted the application filed by the Respondent No.1 being CP/1314/IB/2018 under Section 7 of the IBC for initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Maharaja Theme Parks and Resorts Private Limited.
Maharaja Theme Parks and Resorts Private Limited is the corporate debtor. The Appellant is the promoter, shareholder, and suspended/discharged director of Maharaja Theme Parks and Resorts. The Karur Vysya Bank Ltd. & Anr. is the Financial Creditor. The Financial Creditor had advanced credit facilities to three entities: Sri Maharaja Refineries, Sri Maharaja Industries, and Sri Maharaja Enterprises, none of which are corporate debtors. Maharaja Theme Parks and Resorts stood as guarantor for the loans availed by these three borrowers. The borrowers failed to repay the debts. The Financial Creditor filed an application under Section 7 of the IBC for initiation of CIRP against Maharaja Theme Parks and Resorts. Maharaja Theme Parks and Resorts argued that it is not a
…Sign in to view the parties.
The Financial Creditor filed an…
The Adjudicating Authority admitted the petition…
This is an appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC), against a final judgment and order dated 18th November 2019, passed by the National Company Law Appellate Tribunal (NCLAT). The NCLAT dismissed the Company Appeal (AT) (Insolvency) No.538 of 2019, which was against an order dated 8th April 2019 passed by the Adjudicating Authority. The Adjudicating Authority had admitted the application filed by the Respondent No.1 being CP/1314/IB/2018 under Section 7 of the IBC for initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Maharaja Theme Parks and Resorts Private Limited.
Maharaja Theme Parks and Resorts Private Limited is the corporate debtor. The Appellant is the promoter, shareholder, and suspended/discharged director of Maharaja Theme Parks and Resorts. The Karur Vysya Bank Ltd. & Anr. is the Financial Creditor. The Financial Creditor had advanced credit facilities to three entities: Sri Maharaja Refineries, Sri Maharaja Industries, and Sri Maharaja Enterprises, none of which are corporate debtors. Maharaja Theme Parks and Resorts stood as guarantor for the loans availed by these three borrowers. The borrowers failed to repay the debts. The Financial Creditor filed an application under Section 7 of the IBC for initiation of CIRP against Maharaja Theme Parks and Resorts. Maharaja Theme Parks and Resorts argued that it is not a
…The Financial Creditor filed an…
The Adjudicating Authority admitted the petition…