M/s. Prasad Gempex v. Star Agro Marine Exports Pvt. Ltd. [CA (AT)(Insolvency) 291 of 2018] - Synopsis
Team SoOLEGAL 30 Nov 2020
In this case, M/s. Prasad Gempex v. Star Agro Marine Exports Pvt. Ltd. [CA (AT)(Insolvency) 291 of 2018], The National Company Law Tribunal investigated the role of Resolution Professional in deciding the representations of the creditors and the powers of NCLT to monitor its decision. The appellate court, though categorically rejecting the possibility of any quasi-judicial powers imposed by the Code on the Resolution Professional, acknowledged that the NCLT is an adjudicative body under the Code. In addition, according to sub-section 6 of Section 60 of the Insolvency Bankruptcy Code, the NCLT shall have the right to take any action relating to the claims placed before it by the creditors. NCLAT held that, despite any order passed pursuant to Section 31 of the Insolvency Bankruptcy Code, that is the acceptance of the resolution proposal, a party may seek its argument before the proper forum after the conclusion of the moratorium term. In the present case, the NCLAT complied with the order of the National Company Law Tribunal which was passed under Section 31 of the Insolvency Bankruptcy Code, in which the NCLT ruled that all ongoing or potential litigation against the corporate debtor in relation to the time previous to the acceptance date of the resolution plan must be dismissed.

×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.