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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Rakesh Kumar Jain, J
Nippon Life India AIF Management Ltd. & Ors. – Appellant
Versus
Ashapura Options Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. scope of appeal against admission and procedural irregularities. (Para 2 , 3 , 11 , 19) |
| 2. irp's role and cost determination following appeal interventions. (Para 15 , 20) |
| 3. settlements in insolvency proceedings must respect collective rights. (Para 21 , 23) |
ORDER
(Hybrid Mode)
Per: Justice Rakesh Kumar Jain (Oral)
16.05.2024: This order shall dispose of two appeals bearing CA (AT) (Ins) No. 478 of 2023 (herein after referred to as the first appeal) and CA (AT) (Ins) No. 711 of 2023 (herein after referred to as the second appeal), filed against the order passed by the National Company Law Tribunal, Mumbai Bench in CP (IB) No. 1089/MB- IV/2022 dated 30.03.2023 and CP (IB) No. 439(MB)/2022 dated 10.04.2023.
2. In so far as the first appeal is concerned, it is filed by the Suspended Director of Ashapura Options Pvt. Ltd. (Corporate Debtor) to challenge the admission of an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short ‘Code’) by Omkara Asset Reconstruction Company Ltd. (Financial Creditor) for the resolution of an amount of Rs. 65,30,77,490/-.
3. While admitting the petition filed by the Omkara Asset Reconstruction Company Ltd. (
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