NCLAT : In M/s. C. Mahendra International Ltd. vs. Shri Naren Sheth and Anr.

The Appellate Tribunal inclined to grant relief to the application for resolution plan submitted by the shareholder of the Corporate Debtor, being ineligible in terms of Section 29A.

M/s. C. Mahendra International Ltd., Shareholder of Ciemme Jewels Limited has preferred this Appeal against order dated 25th March, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, whereby order of liquidation under Section 33 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) has been passed.

The Appellant submitted that the Resolution Applicant had submitted a plan for Rs.6.14 Crores, which was not accepted, but the Appellant has offered Rs.6.5 Crores. However, the Appellate Tribunal is not inclined to grant relief the application being ineligible in terms of Section 29A. It is also accepted that more than 270 days have passed and, therefore, order of liquidation cannot be interfered with.

(Link : https://nclat.nic.in/Useradmin/upload/4514407505cd517d9a9aae.pdf)