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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Naresh Salecha, MEMBER (TECHNICAL)
Prabhat Jain, Liquidator of Narmada Cereal Private Limited – Appellant
Versus
MP Industrial Development Corporation Limited – Respondent
| Table of Content |
|---|
| 1. overview of parties and appeals (Para 1 , 2) |
| 2. insolvency resolution process details (Para 4 , 5) |
| 3. liquidator's role and obligations (Para 6 , 18) |
| 4. sub-leasing facts and complications (Para 10 , 21) |
| 5. arguments on lease permissions (Para 12 , 14 , 30) |
| 6. court's interpretation of statutory provisions (Para 48 , 50) |
| 7. final rulings on sub-leasing actions (Para 52 , 56) |
JUDGEMENT
( 27.11.2024)
NARESH SALECHA, MEMBER (TECHNICAL)
1. The present Appeal has been filed by Mr. Prabhat Jain, Liquidator of M/s Narmada Cereal Pvt. Ltd. (the Corporate Debtor under liquidation) under 61(1) of the Insolvency & Bankruptcy Code, 2016 (in short ‘Code’) against the Impugned Order dated 28.04.2023 passed by National Company Law Tribunal, New Delhi Bench (in short ‘Adjudicating Authority’) in IA No. 1208/2023 in CP. (IB) No. 138/ND/2020, whereby the Adjudicating Authority rejected the plea of the Appellant to allow the Appellant to sub-lease the factory of the Corporate Debtor to M/s Maa Yashoda Food Grains. Aggrieved by the same, the Appellant has filed the present appeal.
2. MP Industrial Development Corporation Limited (“MPIDCL”) is the statutory authority of Government of MP who had
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