Insolvency Judgement

Insolvency case 

An application bearing C.A No. 43 of 2017 was filed by the Applicant/Appellant under sub-section (5) (c) of Section 60 of the ‘I&B Code’ read with Rules 14 & 34 of the National Company Law Tribunal Rules, 2016, inter alia seeking direction to direct the ‘Resolution Professional’ to cancel and/or defer the first meeting of the ‘Committee of Creditors’. It was scheduled to be held on 22nd February, 2017 at 2.00 p.m. at Hotel Park Inn by Raddisson, 1 & 2, Ring Road, Vikram Vihar, Lajpat Nagar-4, Near Moolchand Metro Station, New Delhi. Such application was filed on theground that ‘Interim Resolution Professional’ has failed to consider that the assignment agreements which were entered into as late as 24th November, 2016, by which the existing debt of the ‘Corporate Debtor’ was suspiciously changed hands from a related party of the ‘Corporate Debtor’ being ‘Synergies Castings Limited’ to a third-party Non-Banking Financial Company being ‘Millennium Finance Limited’. It was alleged that the same is invalid as it was entered into with the malafide ulterior motive of reducing the voting rights of the Applicant/Appellant in the meeting of the ‘Committee of Creditors’.

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