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NATIONAL COMPANY LAW TRIBUNAL
EDELWEISS ASSET RECONSTRUCTION COMPANY LTD. – Appellant
Versus
WINSOME YARNS LTD. – Respondent
IN THE NATIONAL COMPANY LAW TRIBUNAL: CHANDIGARH
(through Hybrid Mode)
COURT-I
Item No. 5
IA(I.B.C)(PLAN)/1 (CH)2025,
IA(I.B.C)/760(CH) 2025, IA(I.B.C)/855(CH) 2025
In
CP (IB) No. 291/Chd/Chd/2018
(Admitted)
IN THE MATTER OF:
Edelweiss Asset Reconstruction Co. Ltd. ..…Petitioner
Vs.
Winsome Yarns Ltd. ….Respondent
Under Section : 7, 30(6), 60(5), IBC 2016
Order delivered on 26.05.2025
CORAM:
SH. SHISHIR AGARWAL SH. HARNAM SINGH THAKUR
HON’BLE MEMBER (T) HON’BLE MEMBER (J)
PRESENT:
For the RP: Ms. Honey Satpal, Advocate
Mr. Anil Kohli, RP in Person (online)
For the SRA: Mr. Pulkit Goyal, Advocate
For the Applicant in IA No. 855/2025: Mr. Ashwani Sharma, Advocate
For Suspended Board of Directors: Mr. Pulkit Deora, Advocate
Ms.Maitreyee Mishra, Advocate
ORDER
IA(I.B.C)/855(CH) 2025
It is pointed out by Mr. Anil Kohli, the Resolution Professional (RP) on behalf
of ARC Resolution Professional LLP, that as per the order dated 14.03.2024, ARC Resolution Professional LLP has been appointed as the RP, and Mr. Anil Kohli has submitted his written consent in Form AA dated 19.01.2024. However, he has not placed on record the authorization letter from ARC Resolution Professional LLP. This
is required before the Resolutio
Resolution plans approved by creditors must comply with legal requirements under the Code to ensure valid debt management and corporate recovery.
Failure to comply with performance security regulations under IBC leads to mandatory liquidation of the corporate debtor.
Liquidation ordered due to failure to comply with performance security requirements during CIRP, resulting in the collapse of the resolution plan.
Failure to comply with performance security requirements under IBC led to liquidation of the Corporate Debtor.
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