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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Barun Mitra, Member (Technical)
Majestic Auto Limited – Appellant
Versus
Sharan Hospitality Private Limited – Respondent
| Table of Content |
|---|
| 1. parameters of appeal and introduction to the case. (Para 1 , 2 , 3) |
| 2. discussion of pleadings related to ongoing litigation and its implications. (Para 4 , 5 , 6 , 7) |
| 3. implications of the stay orders on the resolution process. (Para 12 , 13 , 14) |
| 4. court's reasoning regarding the discretion in handling the appeal. (Para 15 , 24 , 27) |
| 5. conclusion to set aside the liquidation order. (Para 20 , 28) |
JUDGMENT
(Hybrid Mode)
[Per: Barun Mitra, Member (Technical)]
The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’ in short) by the Appellant arises out of the Order dated 22.11.2023 (hereinafter referred to as ‘Impugned Order’) passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-I) in I.A. No. 266 of 2023 filed by the Successful Resolution Applicant seeking exclusion of time from 13.12.2021 till date of filing the I.A. from the time period of eighteen months provided in the resolution plan and for extension of time for implementation of the resolution plan alongwith and I.A. 1290 of 2023 filed by the Financial Creditor-Axis Bank seeking liquidation of the Corporate Debtor in CP (IB) No. 4071/MB/2018. By the
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