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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. discusses the insolvency applications filed and the status of financial creditors. (Para 2 , 3 , 5 , 6 , 15 , 16) |
| 2. highlights arguments regarding the settlement and implications for irp costs. (Para 4 , 10 , 11) |
| 3. court's observations regarding the nature of insolvency proceedings and collective creditor rights. (Para 8 , 12 , 13) |
| 4. court's findings on settlement validity and necessity of creditor consultation. (Para 20 , 22 , 23) |
| 5. final orders and implications for future tribunal actions. (Para 26 , 27) |
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 Insolvenc
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