2019 (9) TMI 1574 - AT - Insolvency and Bankruptcy

NCLAT admits Section 7 Applications for companies with common directors

The National Company Law Appellate Tribunal in New Delhi admitted Section 7 Applications under the Insolvency and Bankruptcy Code, 2016 for companies with ... Settlement with the claims of the banks - OTS proposals given which were under consideration of the Bank - HELD THAT:- Issue Notice. Requisite along with process fee, if not filed, be filed by 30th September, 2019. If the Appellant provides the e-mail address of Respondents, let notice be also issued through e-mail also. Post the case ‘for admission (after Notice)’ on 11th November, 2019. The National Company Law Appellate Tribunal in New Delhi admitted Section 7 Applications under the Insolvency and Bankruptcy Code, 2016 for companies with common directors. The appellants offered to settle bank claims but were refused. The case was posted for admission on 11th November, 2019. The IRP was instructed to ensure the company's operations continue, wages are paid on time, and suppliers are compensated during the Corporate Resolution Process. Banks with the Corporate Debtor's accounts were directed to cooperate with the Insolvency Resolution Professional.