Case Law Details
Platino Classic Motors India Pvt. Ltd. Vs Deputy Commissioner Of Central Tax And Central Excise (Kerala High Court)
Introduction: Platino Classic Motors, a BMW car dealer in Kerala, faces a setback as the Kerala High Court rules on the application of Section 14 of the Insolvency and Bankruptcy Code (IBC). The court’s decision, outlined in Exhibits P-7 to P-10 orders, challenges the initiation of corporate insolvency resolution and sheds light on the assessment and adjudication proceedings.
Detailed Analysis:
1. Background and Insolvency Proceedings: The Federal Bank of India initiated the insolvency resolution process against Platino Classic Motors under Section 7(4) of the IBC. The application was admitted, appointing an Interim Resolution Professional (IRP) to manage the company’s affairs.
2. Rejection of Resolution Plans and Liquidation Order: Despite multiple resolution plans submitted, none were accepted by the Committee of Creditors. Consequently, the Committee sought a direction for the liquidation of Platino Classic Motors. The National Company Law Tribunal issued a liquidation order, appointing the IRP as the Liquidator.
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