Back
IN THE HIGH COURT AT CALCUTTA
HIRANMAY BHATTACHARYYA
Soneko Marketing Pvt. Ltd. – Appellant
Versus
Committee Of Creditors Of Hindustan National Glass & Industries Ltd. – Respondent
| Table of Content |
|---|
| 1. cirp must be completed within a specified time frame. (Para 4 , 5 , 43) |
| 2. nclt procedures must adhere to natural justice and a defined timeframe. (Para 17 , 18 , 20) |
| 3. once reserved for judgment, no further applications shall be entertained. (Para 22 , 26 , 50) |
| 4. interference post-reservation may undermine judicial efficiency. (Para 37 , 39 , 41) |
JUDGMENT :
HIRANMAY BHATTACHARYYA, J.
1. This application under Article 227 of the Constitution of India is at the instance of the objector to the Plan Approval Application No. 1A (IBC) Plan/16/KB/2025 seeking a direction upon the Learned Special Bench, National Company Law Tribunal, Kolkata Bench to hear out an application being IVN. P (IBC) 25/KB/2025 and for stay of pronouncement of judgment.
2. On a petition being filed by DBS Bank Ltd., a financial creditor, Hindusthan National Glass and Industries Limited (hereinafter referred to as Corporate Debtor) was admitted to Corporate Insolvency Resolution Process (for short CIRP) vide order dated October 21, 2021 passed by the National Company Law Tribunal (for short NCLT), Kolkata Bench in CP(IB) No. 369/KB/2020. The opposite party no. 2 was appointed as Resolution Professio
The right to present applications ceases once a matter is reserved for orders, reinforcing the principle that IBC proceedings are complete codes requiring cautious judicial intervention.
The court affirmed the importance of procedural compliance under Rule 89 of the National Company Law Tribunal Rules, 2016, highlighting that failure to adhere to such rules affects litigants' rights ....
The court ruled that excluded parties cannot partake in insolvency proceedings due to statutory disqualifications, emphasizing the need to uphold legislative intent and efficiency in the process.
(1) Approval of resolution plan – If a claim is submitted by an operational creditor claiming itself as a financial creditor, claim would have to be accorded due consideration in category to which it....
Avoidance applications under the IBC can continue beyond the conclusion of corporate insolvency resolution process (CIRP), as they primarily benefit creditors and the resolution professional retains ....
Claims not filed during the Corporate Insolvency Resolution Process are extinguished post-approval of the resolution plan, reflecting the importance of timely submissions and the finality of creditor....
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
