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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 :
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.
3. Independent Sugar Corporation Ltd. (for short “INSCO”) submitted a resolution plan for taking over the Corporate Debtor. Petitioner filed an intervention application bearing IVN.P (IBC) 21/KB/2025 objecting to the resolution plan submitted by INSCO.
5. The CP (IB) No. 369/KB/2020 along with all connected IAs were pending before the NCLT, Kolkata Bench, Court No. II and the Hon’ble Judicial Member recused from hearing the said matter. Accordingly the Hon’bl
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 ....
(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....
Delay in filing an appeal under the IBC cannot be excused based on lack of knowledge regarding the proceedings; Limitation must be strictly construed.
The court ruled that the NCLAT erred in approving a settlement without adhering to the procedural requirements of the Insolvency and Bankruptcy Code, emphasizing the collective nature of insolvency p....
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