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SANJAY KUMAR, ALOK ARADHE
Karshni Alloys Private Limited – Appellant
Versus
Ramakrishnan Sadasivan – Respondent
| Table of Content |
|---|
| 1. insolvency resolution process details (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8) |
| 2. writ petition maintainability and statutory remedies (Para 9 , 10) |
| 3. forfeiture reasoning and stakeholder claims (Para 11 , 14) |
| 4. rejection of appellant's arguments on sale and contract (Para 12 , 13) |
| 5. court's critical observations and unjust enrichment (Para 15 , 16 , 18 , 19) |
| 6. final dismissal of appeals (Para 17 , 20) |
JUDGMENT :
1. Company Appeal (AT)(CH)(Ins) No. 443 of 2022 was filed by M/s. Shri Karshni Alloys Private Limited before the National Company Law Appellate Tribunal, Chennai Bench1 [For short ‘the NCLAT’] assailing the order dated 29.06.2022 passed by the National Company Law Tribunal, Chennai Bench2 [For short ‘the NCLT’] in I.A. No. (IBC)/512 (CHE)/2021 in TCP/95/2017. Company Appeal (AT)(CH)(Ins) No. 438 of 2022 was also filed by it before the NCLAT against the order dated 10.08.2022 passed by the NCLT in I.A. No. 952/2022 in TCP/95/2017. Both the appeals were heard by a bench composed of two Members and they delivered separate judgments on 20.10.2023. However, the Member (Judicial) disagreed with the judgment authored by the Member (Technical). The Member (Technical) h
Court confirmed the legitimacy of forfeiture of amounts paid during insolvency proceedings when payment timelines are not met, emphasizing the NCLT's authority to enforce such conditions to ensure ex....
The Tribunal lacks jurisdiction to adjudicate civil contractual disputes under the Insolvency and Bankruptcy Code, emphasizing the separation of civil and insolvency law.
The liquidator must adhere to court undertakings during liquidation procedures, and the court may mandate re-auction to maximize asset value, emphasizing compliance with regulatory frameworks.
A review petition under Section 114 CPC must show an error apparent on record; the court affirmed the original order without finding grounds for alteration or fraud.
Compliance with settlement terms allows for the revocation of liquidation orders under the Insolvency and Bankruptcy Code, clarifying the distinction between Liquidator's fees and liquidation expense....
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