Disposed

In the matter of Loha Ispaat Limited [Ma 1265-2018 in C.P.(IB)724-MB-2017]

NCLT15 Sept 2023MA 1265-2018 in C.P.(IB)724-MB-2017

Case brief

AI extract

What is this about?

The Bench issued notice to the absent Liquidator to appear and explain his default of non-appearance despite previous orders, warned of contempt proceedings, and disposed of the hearing by standing over it to the next date without further adjournments.

What did the court decide?

Liquidator directed to appear and show reasons for absence; proceeding adjourned to 20.10.2023.

In the matter of Loha Ispaat Limited [Ma 1265-2018 in… — Insolvency and Bankruptcy | NCLT (2023)

¶1

NATIONAL COMPANY LAW TRIBUNAL

¶2

COURT ROOM NO. 1, MUMBAI BENCH

¶3

Item No. 29

¶4

MA 1265/2018 IN C.P.(IB)724/MB/2017

¶5

CORAM:

¶6

SH. PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT (Retd.) HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

¶7

ORDER SHEET OF THE HEARING ON 15.09.2023

¶8

NAME OF THE PARTIES: BRIGHT STEEL PROCESSORS V/S LOHA

¶9

ISPAT LIMITED

¶10

Section 60(5) & 9 of the Insolvency and Bankruptcy Code, 2016

¶11

________________________________________________________________

¶12

ORDER

¶13

MA 1265/2018

¶14

1) Mr. Amit Tungare, Ld. Counsel for the Liquidator, Sr. Advocate Rohan

¶15

Aggarwal, for Respondent Nos. 2, 19, 20, Mr. Nitin, Ld. Counsel for Respondent No. 6, Mr. Akshay Udeshi, Ld. Counsel for Respondent No. 16, Mr. Viraj Parikh, Ld. Counsel for Respondent Nos. 25 to 28 and Mr. Dinyar Madon, Sr. Advocate

¶16

for Respondent No. 29 are present. Liquidator of the Corporate Debtor is not present, when the matter is called out.

¶17

2) Earlier, the Counsel for the Liquidator was directed to take instructions from the Liquidator whether to proceed further in the matter or not; however, today, the Ld. Counsel for the Liquidator submits that he has instruction to take adjournment in the matter today, as the Liquidator is pre-occupied in some Income Tax matters. It is also noted by this Bench that the Liquidator was not represented on last occasion also, and appeared on next day to apprise the Bench and had undertaken to file the submissions in accordance with the previous order.

¶18

3) Registry is directed to issue Notice to the Liquidator of the Corporate Debtor, Mr. Anil Goel, having address at E-10A, Kailash Colony, Greater Kailash-I, New Delhi-110 048, clearly intimating the next date of hearing and directing them to remain present in the Court on the next date of hearing. Registry is further directed to serve a copy of this Order to the Liquidator and to place on record Compliance Report well before the adjourned date.

¶19

4) Liquidator is directed to show reasons as to why Contempt Proceedings should not be initiated against him in spite of direction from the Court to remain present and apprise the Bench about the present matter.

¶20

5) Registry is also directed to serve a copy of the present Order to the Insolvency and Bankruptcy Board of India, having addresses at 7th Floor, Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi -110001 and 2nd Floor,

¶21

Jeevan Vihar Building, Parliament Street, New Delhi, 110001 and shall file

¶22

and place on record Compliance Report well before the adjourned date. The IBBI

¶23

may look into the negligent conduct of Liquidator.

¶24

6) Stand over to 20.10.2023, for further consideration and hearing. No more adjournment will be granted. It is made very clear that if the Liquidator doesn’t appear on the next date of hearing, this Bench shall proceed further in the matter based on the materials available on record and verbal arguments on that date and consequential orders shall be passed on the next date of hearing.

¶25

Sd/Sd/-

¶26

PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT MEMBER (TECHNICAL) MEMBER (JUDICIAL)

¶27

Vedant Kedare

In the matter of Loha Ispaat Limited [Ma 1265-2018 in C.P.(IB)724-MB-2017]

Case brief

What is this about?

What did the court decide?

In the matter of Loha Ispaat Limited [Ma 1265-2018 in C.P.(IB)724-MB-2017]

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases