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When value has been added to the assets of the Corporate Debtor, the submission by CoC that fresh process may not start cannot be accepted – Masatya Technologies Pvt. Ltd. Successful Resolution Applicant for Vistar Construction Pvt. Ltd. v. Amit Agarwal RP for Vistar Construction Pvt. Ltd. and Anr. – NCLAT New Delhi

Hon’ble NCLAT agrees with the Adjudicating Authority as view AA has taken in consideration the fact that properties shall come to the kitty of the Corporate Debtor, whose value is much more than the entire plan value submitted by the Resolution Applicant, hence, order was issued for issuance of Form G.
The Committee of Creditors would always be interested in getting more and more value from the assets of the Corporate Debtor. When value has been added to the assets of the Corporate Debtor, the submission by the Committee of Creditors that fresh process may not start cannot be accepted.

When value has been added to the assets of the Corporate Debtor, the submission by CoC that fresh process may not start cannot be accepted – Masatya Technologies Pvt. Ltd. Successful Resolution Applicant for Vistar Construction Pvt. Ltd. v. Amit Agarwal RP for Vistar Construction Pvt. Ltd. and Anr. – NCLAT New Delhi Read Post »

Legal heir of an Operational Creditor who expired during proceedings of Section 9 of IBC can continue the proceedings – Vijender Kumar Jain Vs. M/s. Atlas Cycles (Haryana) Ltd. – NCLT Chandigarh Bench

Operational creditor has filed a petition under Section 9 of IBC, 2016 for initiation of Corporate Insolvency Resolution Process. However, during the said proceedings, Mr. Vijender Kumar Jain expired intestate leaving behind 5 legal heirs. The four legal heirs have executed relinquishment deed in favour of the applicant. It is stated that the said application is filed with limitation i.e. 90 days of the death.

The respondent has stated that legal heirs are not covered under the definition of the operational creditors as defined under Section 5(20) of IBC, 2016. The definition of person as used under Section 5(20) of IBC, 2016 is prescribed under Section 3(23) of IBC, 2016.

Legal heir of an Operational Creditor who expired during proceedings of Section 9 of IBC can continue the proceedings – Vijender Kumar Jain Vs. M/s. Atlas Cycles (Haryana) Ltd. – NCLT Chandigarh Bench Read Post »

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