The case involves a criminal appeal against an order by the High Court of Guwahati, which allowed an interlocutory application filed by the Respondent No. 1 to operate its bank account. This occurred during the Corporate Insolvency Resolution Process (CIRP) of National Plywood Industries Limited (NPIL). An application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted against NPIL on 26.08.2019, and the Appellant was appointed as the Interim Resolution Professional (IRP). A moratorium was also imposed. The Respondent No. 1 claimed to be an operational creditor. The former Managing Director of the Corporate Debtor challenged the NCLT order, but the NCLAT dismissed the appeal. The Supreme Court later allowed the appeal and remanded the matter to the
…On 26.08.2019, an application under Section 7 of the IBC was admitted against National Plywood Industries Limited (NPIL), and Sandeep Khaitan was appointed as the Interim Resolution Professional (IRP). A moratorium was declared. JSVM Plywood Industries Ltd. & Anr. (Respondent No. 1) claimed to be an operational creditor. The former Managing Director of NPIL challenged the NCLT order. The Appellant alleged that the former Managing Director, in conspiracy with Respondent No. 1, engaged in an illegal transaction of Rs. 32.50 lakhs, violating Section 14 of the IBC. The Appellant filed a cyber complaint and an application under Section 19 read with Section 23(2) of the IBC. An FIR was lodged. ICICI Bank created a lien on Respondent No. 1's bank account. The NCLT
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An application under Section 7 of the Insolvency…
Sandeep Khaitan was…
The case involves a criminal appeal against an order by the High Court of Guwahati, which allowed an interlocutory application filed by the Respondent No. 1 to operate its bank account. This occurred during the Corporate Insolvency Resolution Process (CIRP) of National Plywood Industries Limited (NPIL). An application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted against NPIL on 26.08.2019, and the Appellant was appointed as the Interim Resolution Professional (IRP). A moratorium was also imposed. The Respondent No. 1 claimed to be an operational creditor. The former Managing Director of the Corporate Debtor challenged the NCLT order, but the NCLAT dismissed the appeal. The Supreme Court later allowed the appeal and remanded the matter to the
…On 26.08.2019, an application under Section 7 of the IBC was admitted against National Plywood Industries Limited (NPIL), and Sandeep Khaitan was appointed as the Interim Resolution Professional (IRP). A moratorium was declared. JSVM Plywood Industries Ltd. & Anr. (Respondent No. 1) claimed to be an operational creditor. The former Managing Director of NPIL challenged the NCLT order. The Appellant alleged that the former Managing Director, in conspiracy with Respondent No. 1, engaged in an illegal transaction of Rs. 32.50 lakhs, violating Section 14 of the IBC. The Appellant filed a cyber complaint and an application under Section 19 read with Section 23(2) of the IBC. An FIR was lodged. ICICI Bank created a lien on Respondent No. 1's bank account. The NCLT
…An application under Section 7 of the Insolvency…
Sandeep Khaitan was…