This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Suspended directors having 51% equity in Corporate Debtor cannot claim to be unaware about initiation of CIRP
Case Law Details
- Case Name
- Bimal Kumar Jejani Vs Star Mineral Resources Pvt. Ltd. (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Bimal Kumar Jejani Vs Star Mineral Resources Pvt. Ltd. (NCLAT Delhi)
NCLAT Delhi held that suspended directors, who invested about 5.5 crores and having 51% equity in Corporate Debtor, cannot claim that they were not aware about initiation of CIRP. Accordingly, observation of Adjudicating Authority that Suspended Board of Directors of the Corporate Debtor were not cooperating with the IRP/RP/Liquidator was justifiable.
Facts- An application u/s. 9 of theInsolvency and Bankruptcy Code, 2016 (IBC) was filed by the Operational Creditor i.e. M/s Platina Bulkers Private Limited Against the Corporat...
Author Info
