Case Law Details
Edelweiss Asset Reconstruction Company Limited Vs Sachet Infrastructure Pvt. Ltd. (National Anti-Profiteering Authority)
In these appeals as common order dated 7th March, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Special Bench, New Delhi, is under challenge and common question of law is involved, they were heard together and are disposed of by this common judgment.
2. Against the ‘Principal Borrower’- ‘Adel Landmarks Limited’ (formerly known as ‘Era Landmarks Limited’), a petition for initiation of ‘Corporate Insolvency Resolution Process’ was admitted by the Adjudicating Authority by order dated 5th December, 2018 in C.P. No. 1083(PB)/2018.
3. During the pendency of the ‘Corporate Insolvency Resolution Process’ against the ‘Principal Borrower’- ‘Adel Landmarks Limited’, the Appellant- ‘Edelweiss Asset Reconstruction Company Limited’, in whose favour ‘Corporate Guarantee’ were given by other ‘Corporate Guarantors’ for securing the loan disbursed to the ‘Adel Landmarks Limited’ (‘Principal Borrower’), filed separate applications under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“I&B Code” for short) for initiation of the ‘Corporate Insolvency Resolution Process’, as detailed below:
