In the matter of Mandhana Industries Limited C.P.(Ib)- 1399/(MB)/2017 Ma 2326/2019, Ma 2124/2019
Case brief
What is this about?
The Tribunal ordered the successful resolution applicant to hand over possession of the undertaking to the Committee of Creditors (CoC), which would then hand it to the erstwhile resolution professional after an independent inventory. The CIRP was restored, and the status quo of Section 14 was maintained.
What did the court decide?
Handover of possession to Committee of Creditors, restoration of CIRP, retention of erstwhile Resolution Professional with powers under Section 14.
IN THE NATIONAL COMPANY LAW TRIBUNAL
MUMBAI BENCH, MUMBAI
C.P.(IB)- 1399/(MB)/2017 MA 2326/2019, MA 2124/2019
CORAM: SHRI RAJESH SHARMA SHRI BHASKARA PANTULA MOHAN MEMBER (T) MEMBER (J)
ORDER SHEET OF THE HEARING OF MUMBAI BENCH OF THE NATIONAL COMPANY LAW TRIBUNAL ON 05.12.2019
NAME OF THE PARTIES: Bank Of India V/s Mandhana Industries Limited
Section 7 of Insolvency & Bankruptcy Code 2016.
ORDER
140. MA 2326/2019, MA 2124/2019 In C.P.(IB)-1399(MB)/2017
Heard the Counsel representing the successful Resolution Applicant and the CoC as well as the erstwhile RP.
There are three applications before us, one claiming the CIRP costs and another filed by the successful Resolution Applicant challenging the resolution plan on the ground that the entire information has not been provided to them for complying with the terms and conditions of the resolution plan. The other application filed by the Bank of Baroda on behalf of the consortium as among various other things to seek possession of the undertaking and handover it to the third party with proper maintenance and to see that the value of the asset is not depleted.
Issues for consideration
2 issues framed by the court
Whether the resolution applicant must hand over possession immediately while challenging the resolution plan
Whether the Corporate Insolvency Resolution Process (CIRP) should be restored pending disposal of challenges
Parties & counsel
- petitioner
Bank of India
- respondent
Mandhana Industries Limited
Coram
Rajesh Sharma
Case details
As recorded by the court registry
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