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NATIONAL COMPANY LAW TRIBUNAL
Virendrasingh G. Bisht, Prabhat Kumar, JJ
Manish Jaju – Appellant
Versus
Garodia Chemicals Limited – Respondent
| Table of Content |
|---|
| 1. application for approval of a resolution plan under the ibc. (Para 1 , 3 , 4 , 5) |
| 2. features of the base resolution plan being proposed. (Para 9 , 11) |
| 3. compliance with statutory and regulatory frameworks. (Para 10 , 12) |
| 4. role of the nclt and compliance requirements under the ibc. (Para 24 , 25) |
ORDER
1. The present Application is moved by Resolution Professional Mr. Manish Jaju (“Applicant”) under Section 54K of the Insolvency and Bankruptcy Code, 2016 (“Code”) r/w Regulation 49 of the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021 (“PPIRP Regulations”) for seeking approval of the Base Resolution Plan in respect of Garodia Chemicals Limited (“Corporate Debtor”) and for passing order/appropriate direction that this Tribunal may deem fit in the present matter.
Brief Background
2. The Corporate Debtor was incorporated to carry on the business of commerce trading and distribution of chemicals but has not been in operation for the last few years.
3. The Corporate Debtor’s Petition for initiation of Pre-Packaged Insolvency Resolution Process (“PPIRP”) was earlier rejected by this Tribunal vide Order dated 08.11.2023
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