Ankit Metal & Power Limited

Merely because Adjudicating Authority (NCLT) has asked the copies from his own Chartered Accountant(CA), no ground to entertain appeal – Ankit Metal and Power Ltd. Vs. UCO Bank – NCLAT New Delhi

Financial Statement which was submitted by the CA are still to be examined and decided by the Adjudicating Authority. Adjudicating Authority is still to take a decision on the Financial Statements after hearing the parties and merely because Adjudicating Authority has asked the copies from his own CA, we do not find any ground to entertain this Appeal at this stage.

Merely because Adjudicating Authority (NCLT) has asked the copies from his own Chartered Accountant(CA), no ground to entertain appeal – Ankit Metal and Power Ltd. Vs. UCO Bank – NCLAT New Delhi Read Post »

CIRP admission order,  NCLT summon to Chartered Accountant(CA) for signing of Financial Statements of Corporate Debtor, without providing an opportunity to Suspended Director is not sustained – Subham Bhagat Vs. Ankit Metal & Power Ltd. and Anr. – NCLAT New Delhi

Hon’ble NCLAT held that while we appreciate the bonafide and genuine efforts made the Adjudicating Authority to satisfy itself of the validity and veracity of the admittedly unsigned financial statements by summoning the CA to place on record the signed financials, we cannot be unmindful of the fact that no notice was given to the Appellant to submit their pleadings and arguments on the financial statements and notes to accounts as furnished by the CA.
To meet the ends of justice, it was the duty of the Adjudicating Authority to have ensured that the balance sheets produced by the CA was shared with the Appellant party since these documents were to constitute the basis on which the impugned order was premised.

CIRP admission order,  NCLT summon to Chartered Accountant(CA) for signing of Financial Statements of Corporate Debtor, without providing an opportunity to Suspended Director is not sustained – Subham Bhagat Vs. Ankit Metal & Power Ltd. and Anr. – NCLAT New Delhi Read Post »

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