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Mr. Amarjeet Singh Vs. M/s. Goodwin Packpet Pvt. Ltd. – NCLT Kochi Bench Read Post »
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Central Tax and Central Excise Vs. Mr. Balakrishnan Baburajan – NCLT Kochi Bench Read Post »
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Mr. Balakrishnan Baburajan, IP, (Liquidator) Vs. Muraly Narayanan – NCLT Kochi Bench Read Post »
The Adjudicating Authority referred Regulation 23 of Liquidation Process Regulations, 2016 and held that it was the duty of the Applicant to produce the documents or evidence or clarification sought by the Liquidator in order to verify his claim for interest. In this case, even though the Applicant sought interest from the Liquidator, he could not produce any document that there was an agreement with the Corporate Debtor for charging interest on the delayed payments before they started purchasing materials from the Applicant. Moreover, even though the impugned order was passed by the Liquidator on 17.03.2021, this Application has been filed on 20.10.2021 beyond the period of 14 days for appeals under Section 42 of IBC. We do not find any error in the order dated 17.03.2021 passed by the Liquidator rejecting the interest claimed by the Operational Creditor, warranting interference by this Tribunal. For the aforesaid reasons, this application fails, and the same is dismissed.
NCLT held that to arrive at a conclusion whether further time can be granted to the applicants to settle the matter by restructuring the company, we have gone through the 2005 Report of the Expert Committee on Company Law (JJ Irani Committee Report) and in the matter S.C. Sekaran vs. Amit Gupta and Ors. [2019] ibclaw.in 02 NCLAT, in this case, the Hon’ble Tribunal directed the liquidator appointed under the IBC, to “take steps in terms of Section 230” for the revival of the corporate debtor before undertaking the sale of its assets.
NCLT exercising the discretionary power of this Tribunal under Rule 11 of the NCLT Rules, 2016, disposed of the IA with the order that the Applicants are granted 30 days’ time from today to clear off the debt due to the Respondent in the IBA and another Creditor CSB Bank, so as to get re-structured the Applicant Company.
