The appeal arises from a judgment and order dated 06.08.2021 passed by the National Company Law Tribunal, Mumbai Bench, in I.A. No. 1196 of 2021 in Company Petition (IB) No. 1069 of 2020. The NCLT rejected the application filed by the respondent no.1 under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking withdrawal of the company petition and setting aside the initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on a settlement between the parties before the constitution of the Committee of Creditors (CoC).
The appellant, Kamal K. Singh, filed an appeal against the order of the National Company Law Tribunal (NCLT), Mumbai Bench, dated 06.08.2021. The NCLT had rejected an application filed by the respondent, Dinesh Gupta, under Rule 11 of the NCLT Rules, seeking withdrawal of a company petition (IB) No. 1069 of 2020. The withdrawal was sought based on a settlement between Dinesh Gupta (applicant-respondent no.1) and the corporate debtor before the constitution of the Committee of Creditors (CoC). The company petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Supreme Court considered the appeal, noting that the CoC had not yet been constituted. The Court referred to the Swiss Ribbons case, which clarified the power of the NCLT to allow
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National Company Law Tribunal, Mumbai Bench,…
The Supreme Court allowed the appeal, setting…
The appeal arises from a judgment and order dated 06.08.2021 passed by the National Company Law Tribunal, Mumbai Bench, in I.A. No. 1196 of 2021 in Company Petition (IB) No. 1069 of 2020. The NCLT rejected the application filed by the respondent no.1 under Rule 11 of the National Company Law Tribunal Rules, 2016, seeking withdrawal of the company petition and setting aside the initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on a settlement between the parties before the constitution of the Committee of Creditors (CoC).
The appellant, Kamal K. Singh, filed an appeal against the order of the National Company Law Tribunal (NCLT), Mumbai Bench, dated 06.08.2021. The NCLT had rejected an application filed by the respondent, Dinesh Gupta, under Rule 11 of the NCLT Rules, seeking withdrawal of a company petition (IB) No. 1069 of 2020. The withdrawal was sought based on a settlement between Dinesh Gupta (applicant-respondent no.1) and the corporate debtor before the constitution of the Committee of Creditors (CoC). The company petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Supreme Court considered the appeal, noting that the CoC had not yet been constituted. The Court referred to the Swiss Ribbons case, which clarified the power of the NCLT to allow
…National Company Law Tribunal, Mumbai Bench,…
The Supreme Court allowed the appeal, setting…