Back
judgement
Subject : Corporate Law - Insolvency
Four appeals have been filed by the Suspended Director of the Corporate Debtor - Asian Hotels (West) Ltd. and shareholders of Corporate Debtor challenging the order passed by the Adjudicating Authority (National Company Law Tribunal) New Delhi Bench IV admitting Section 7 application filed by the Financial Creditor as well as orders passed in two Interlocutory Applications. These appeals arising out of the same proceedings were heard together and are being decided by this common judgment. The appeals have been filed in relation to the admission of a Section 7 application filed by the Financial Creditor, substitution of the original Financial Creditor with JM Financial Asset Reconstruction Company Ltd., and the rejection of an application for impleadment in the Section 7 application. The appeals were heard by the National Company Law Appellate Tribunal (NCLAT), which considered various aspects of the case, including the objections raised by the appellants and the submissions made by the respondents. The NCLAT ultimately dismissed the appeals, holding that the decision of the CoC to reject the proposal under Section 12A was not arbitrary and unsustainable. The NCLAT also observed that the appellants were not entitled to submit a proposal under Section 12A and that the CoC had the right to consider all Resolution Plans received in the CIRP.
Section 7 application - Corporate Debtor - Financial Creditor - Committee of Creditors (CoC) - Resolution Professional - Insolvency and Bankruptcy Code (IBC) - Section 12A - CIRP - Promoters - Shareholders
Nashik Court Reserves Verdict on Khan's TCS Bail Plea
29 Apr 2026
Delhi Court Grants Bail to I-PAC Director in PMLA Case
30 Apr 2026
No Historic Record of Saraswati Temple Demolition, Muslim Body Tells MP High Court in Bhojshala Dispute
30 Apr 2026
No Absolute Bar on Simultaneous Parole/Furlough for Co-Accused Under Delhi Prisons Rules: Delhi High Court
30 Apr 2026
Rejection of Jurisdiction Plea under Section 16 Arbitration Act Not Challengeable under Section 34 Till Final Award: Supreme Court
30 Apr 2026
'Living Separately' Under Section 13B HMA Means Cessation Of Marital Obligations, Regardless Of Residence: Patna High Court
30 Apr 2026
Belated Challenge by Non-Bidders to GeM Tender Conditions for School Sports Equipment Not Maintainable: Delhi High Court
30 Apr 2026
Political Rivalry Doesn't Warrant Custodial Arrest in Forgery Case: Supreme Court Grants Anticipatory Bail Citing Article 21
01 May 2026
Wife Can't Seek Husband's Income Tax Details via RTI for Maintenance Claims: Delhi High Court
01 May 2026
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
