Partly allowed
In the matter of E C Bose and Co. Private Limited [I.a. (Ib) No. 116/KB/2021 & I.a.(Ib) No. 1370 & 1506/KB/2023 & Inv. P. (Ib) No. 05,25,26 & 27/KB/2023 in C.P. (Ib) No. 1388/KB/2018]
NCLTI.A. (IB) No. 116/KB/2021 & I.A.(IB) No. 1370 & 1506/KB/2023 & Inv. P. (IB) No. 05,25,26 & 27/KB/2023 in C.P. (IB) No. 1388/KB/2018
Case brief
AI extract
What is this about?
The NCLT Special Bench quashed the Committee of Creditors' decision to liquidate a Corporate Debtor, finding procedural lapses and lack of due diligence by the Resolution Professional. The court determined that the DP denied proper information for proper resolution plans, justifying intervention to reboot the CIRP process rather than allowing liquidation. The adjudicating authority recalculated the CIRP timeline by excluding the period of appellate pendency.
What did the court decide?
Decision of CoC to liquidate set aside; period of appeal pendency excluded from CIRP timeline; Mr. Sandip Mitra appointed as new RP. CIRP rebooted requiring publication of IM, EoI/Form G within four months.