Tribunals and CommissionsDivision Bench(2024) 07 NCLT CK 1836

Punjab National Bank (Erstwhile Oriental Bank of Commerce) vs Nuway Organic Naturals (India) Ltd.

National Company Law Tribunal, Chandigarh Bench · Decided on 29 July 2024

HON’BLE JUDGES
Ashish Verma, Member (T) · Harnam Singh Thakur, Member (J)
CASE NUMBER
IA(I.B.C)/1324(CH)2024, IA(I.B.C)/1325(CH)2024, IA(I.B.C)/1594(CH)2024, IA(I.B.C)/1595(CH)2024, IA(I.B.C)/1596(CH)2024, IA(I.B.C)/1597(CH)2024 in CP (IB) No. 517/Chd/Pb/2019

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Judgment

18 paragraphs · 553 words

This matter is taken up on special mentioning.

IA(I.B.C)/1324(CH)2024

This application has been filed under Rule 11 of NCLT, 2016 read with Regulation 13(2) (d) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to place on record the list of creditors, consolidated by the IRP. The same is taken on record subject to just exceptions. Thus, IA No. 1324/2024 is disposed of.

IA(I.B.C)/1325(CH)2024

This application has been filed under Rule 11 of NCLT, 2016 read with Regulation 17(1) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to place on record the report certifying Constitution of Committee of Creditors. The same is taken on record subject to just exceptions. Thus, IA No. 1325/2024 is disposed of.

IA(I.B.C)/1594(CH)2024

This is an application filed under Section 22(3)(b) read with Rule 11 of NCLT, 2016 on behalf of the Committee of Creditors for the appointment for Mr. Sandeep Kumar Chitkara as RP (having IP Registration No. IBBI/IPA-001/IP-P-01976/2020-2021/13084) by replacing Mr. Jalesh Grover (present IRP). The said proposal is approved by CoC in its second meeting dated 18.06.2024 vide Agenda item No.2.15. The said resolution is passed by the sole financial creditor. Keeping in view the facts and circumstances, IA(I.B.C)/1594(CH)2024 is allowed and Mr. Sandeep Kumar Chitkara is appointed as RP. However, learned counsel for the IRP stated that there are some dues pending for expenses met by IRP. She is directed to submit the claim before the CoC within one week and thereafter, CoC will decide the payment of the newly appointed IRP in next meeting after receiving claim of the IRP. Thus, IA No. 1594/2024 is disposed of.

IA(I.B.C)/1595(CH)2024

This is an application filed under Rule 11 of NCLT, 2016 to place on record the 2nd progress report for the period from 25.05.2024 to 25.06.2024. The same is taken on record subject to just exceptions. Thus, IA No. 1595/2024 is disposed of.

IA(I.B.C)/1596(CH)2024

This is an application filed under Rule 11 of NCLT, 2016 to place on record the 1st progress report for the period from 25.04.2024 to 25.05.2024. The same is taken on record subject to just exceptions. Thus, IA No. 1596/2024 is disposed of.

IA(I.B.C)/1597(CH)2024

This is an application filed under Section 19(2) read with Section 70(1) of IBC, 2016 for seeking appropriate directions to the respondents to extend cooperation to the Interim Resolution Professional.

Heard. Issue notice of this application to the respondent(s). The applicant shall collect the notices from the Registry and send the same by speed post as well as by e-mail, if available, immediately to the respondent(s) at their registered address attaching therewith copy of the application and the entire paper book and the copy of this order.

In case, the service of speed post on the aforesaid respondent(s) is not effected, the applicant shall adopt the mode of substituted service and the notice of hearing be advertised in two daily newspapers (one English and one Hindi) having wide circulation in the area.

The applicant shall file affidavit of service supported by postal receipt, tracking report, paper clippings and copy of e-mail within two weeks.

Reply be filed within two weeks after receipt of notice with a copy in advance to the counsel opposite. Rejoinder thereto, if any, be filed within two weeks thereafter with a copy in advance to the counsel opposite.

List on 09.09.2024.