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NATIONAL COMPANY LAW TRIBUNAL
Nilesh Sharma, Judicial Member, Charanjeet Singh Gulati, Technical Member
Maitreya Doshi – Appellant
Versus
Kanak Jani – Respondent
| Table of Content |
|---|
| 1. factual background of loan, pledge, and cirp initiation. (Para 1 , 2 , 3 , 4 , 5 , 48) |
| 2. applicant's challenge to share sales during moratorium and resolution plan. (Para 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18) |
| 3. respondents defend share sales, coc approval, and co-borrower liability. (Para 19 , 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42) |
| 4. court frames key issues on moratorium violation and share restoration. (Para 43 , 44 , 45 , 46 , 47) |
| 5. pledgee lacks ownership; share sale violates moratorium. (Para 49 , 50 , 51) |
| 6. no restoration of sold shares; adjust debt by sale proceeds. (Para 52 , 53 , 54 , 55 , 56 , 57 , 58) |
| 7. co-borrower liability not extinguished without full recovery. (Para 59 , 60) |
| 8. reduce creditor debt by realized sale amounts. (Para 61) |
ORDER
IA (IBC) NO. 3117 OF 2023
1. This I.A. is filed by Mr. Maitreya Doshi, Ex - Director of Doshi Holdings Pvt. Ltd (“the Applicant”) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“IBC/the Code”) with the following prayers:
a. Direct that the corporate insolvency resolution process in respect of the Corporate Debt
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