The case involves a civil appeal regarding the liquidation of a corporate debtor. The NCLAT upheld the NCLT's order for liquidation, but the Supreme Court stayed this order. The appellant was directed to deposit Rs 50 crores to demonstrate its ability to implement the resolution plan, based on an understanding from a Committee of Creditors meeting. The court is considering an extension of time for this deposit.
Kridhan Infrastructure Pvt. Ltd. (now known as Krish Steel and Trading Pvt. Ltd.) filed a civil appeal against Venkatesan Sankaranarayan & Ors. The NCLAT upheld the NCLT's order to liquidate the Corporate Debtor. The Supreme Court stayed the NCLAT order on 9 October 2020. The appellant was directed to deposit Rs 50 crores by 10 January 2021 to demonstrate its ability to implement the resolution plan, based on an understanding arrived at on 25 February 2020. The appellant had already deposited Rs 20 crores, which was subject to forfeiture if the Rs 50 crore deposit was not made. The appellant sought an extension of time to make the deposit, citing delays caused by the liquidator's actions. The liquidator transferred funds from an escrow account to the Corporate
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The case involves a civil appeal regarding the liquidation of a corporate debtor. The NCLAT upheld the NCLT's order for liquidation, but the Supreme Court stayed this order. The appellant was directed to deposit Rs 50 crores to demonstrate its ability to implement the resolution plan, based on an understanding from a Committee of Creditors meeting. The court is considering an extension of time for this deposit.
Kridhan Infrastructure Pvt. Ltd. (now known as Krish Steel and Trading Pvt. Ltd.) filed a civil appeal against Venkatesan Sankaranarayan & Ors. The NCLAT upheld the NCLT's order to liquidate the Corporate Debtor. The Supreme Court stayed the NCLAT order on 9 October 2020. The appellant was directed to deposit Rs 50 crores by 10 January 2021 to demonstrate its ability to implement the resolution plan, based on an understanding arrived at on 25 February 2020. The appellant had already deposited Rs 20 crores, which was subject to forfeiture if the Rs 50 crore deposit was not made. The appellant sought an extension of time to make the deposit, citing delays caused by the liquidator's actions. The liquidator transferred funds from an escrow account to the Corporate
…An understanding was reached at a meeting of…
The NCLAT upheld the…
Sign in to view related legal provisions.