The application was filed under sections 65 & 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016, seeking orders and directions against Respondent No.1, Ace Resorts and Infrastructure Private Limited (Operational Creditor), and Respondent No.2, the Interim Resolution Professional (IRP) of Aakash Polyfilms Ltd. The applicant is a director and promoter of Aakash Polyfilms Ltd, the Corporate Debtor. The Tribunal had previously initiated Corporate Insolvency Resolution Process (CIRP) of Aakash Polyfilms Limited and appointed Respondent No.2 as the IRP. A winding-up petition was already filed against Respondent No.1 and admitted by the Hon'ble High Court of Gujarat. Respondent No.1 filed an application against the Corporate Debtor
…Pawan Kishanchand Tulsiani, the applicant, is a director and promoter of Aakash Polyfilms Ltd, which is the Corporate Debtor. Ace Resorts & Infrastructure Private Limited, Respondent No. 1, is the Operational Creditor. The Tribunal had initiated CIRP against Aakash Polyfilms Limited. A winding-up petition against Ace Resorts was admitted by the Gujarat High Court, and a provisional Liquidator was appointed. Ace Resorts filed an application against Aakash Polyfilms with fraudulent intent, allegedly suppressing facts to obtain an order. Respondent No.1 did not bring into the notice of the Adjudicating Authority the order dated 07.02.2020 regarding appointment of provisional Liquidator passed by Hon'ble Gujarat High Court. The section 9 application in CP (IB) No. 535
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The Hon'ble High Court of Gujarat admitted a…
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The application was filed under sections 65 & 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016, seeking orders and directions against Respondent No.1, Ace Resorts and Infrastructure Private Limited (Operational Creditor), and Respondent No.2, the Interim Resolution Professional (IRP) of Aakash Polyfilms Ltd. The applicant is a director and promoter of Aakash Polyfilms Ltd, the Corporate Debtor. The Tribunal had previously initiated Corporate Insolvency Resolution Process (CIRP) of Aakash Polyfilms Limited and appointed Respondent No.2 as the IRP. A winding-up petition was already filed against Respondent No.1 and admitted by the Hon'ble High Court of Gujarat. Respondent No.1 filed an application against the Corporate Debtor
…Pawan Kishanchand Tulsiani, the applicant, is a director and promoter of Aakash Polyfilms Ltd, which is the Corporate Debtor. Ace Resorts & Infrastructure Private Limited, Respondent No. 1, is the Operational Creditor. The Tribunal had initiated CIRP against Aakash Polyfilms Limited. A winding-up petition against Ace Resorts was admitted by the Gujarat High Court, and a provisional Liquidator was appointed. Ace Resorts filed an application against Aakash Polyfilms with fraudulent intent, allegedly suppressing facts to obtain an order. Respondent No.1 did not bring into the notice of the Adjudicating Authority the order dated 07.02.2020 regarding appointment of provisional Liquidator passed by Hon'ble Gujarat High Court. The section 9 application in CP (IB) No. 535
…The Hon'ble High Court of Gujarat admitted a…
The Hon'ble High Court of Gujarat appointed a…