2024 (3) TMI 1334

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... NEW DELHI - LB - AT (Judgement / Order / Decisions)<br>Dated:- 1-3-2024<br>Company Appeal (AT) (Ins) No. 333 of 2024 Company Appeal (AT) (Ins) No. 334 of 2024 - -<br>Insolvency & Bankruptcy<br>[ Justice Ashok Bhushan ] Chairperson , [ Barun Mitra ] Member ( Technical ) And [ Indevar Pandey ] Member ( Technical ) For the Appellants : Mr. Krishnendu Datta, Sr. Advocate with Ms. Sanjukta Roy, Mr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f the circular issued by the Reserve Bank of India, Asset Reconstruction Companies cannot be Resolution Applicant unless they have achieved certain net worth which the present Appellant has not. Reserved Bank of India has also issued show cause notice against the Appellant which matter has been taken before the Hon'ble Delhi High Court which is pending consideration. Learned counsel for the Appell....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d the learned counsel for the Appellant as well as learned counsel for the Monitoring Committee. 5. The present Appeal has been filed against the order by which application filed by the Appellant has been rejected and we fully agree with the reasons given by the Adjudicating Authority for rejecting the application filed by the Appellant for substituting another Resolution Applicant in place of ....