NCLT JUDGEMENT ON SECTION 35 AND 53 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 AND REGULATION 33 OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION PROCESS) REGULATION, 2016
NAME MOBILE NO. E-MAIL I’D RANJEET KUMAR 8383098478 , 9667769795 rk@courtkutchehry.com JAI THAKUR 8130703334 , 9355723300 jai.thakur@courtkutchehry.com RAJEEV RANJAN 9334553249 rajiv.ranjan@courtkutchehry.com ASHOK MISHRA 9718327746 sales@courtkutchehry.com RAVI KUMAR ravi.singh@courtkutchehry.com Sunil G. Nanal Vs. Facor Steels Limited, (2020) 08 NCLT CK 0017 A Division Bench of the NCLT partially allowed the application filed by the Appellant for the Assets of sale as Private contract to Resolution Applicant and allow the proceeds of the Sale be distributed by the Liquidator as per Section 53 of the Insolvency and Bankruptcy Code, 2016. While partially allowing the application NCLT held that on seeing the Regulation 33 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation, 2016, it is clear that the Adjudicating Authority has the power to permit the private sale subject to cert...