Supreme Court of India
Committee of Creditors of Amtek Auto Limited through Corporation Bank v. Dinkar T. Venkatsubramanian and Others
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What the Court ordered
For the above reasons, our conclusions and directions are that: (i) There is no merit in the application for rectification moved by DVI. IA No. 58156 of 2020 in Civil Appeal No 6707 of 2020 shall stand dismissed; (ii) It is not expedient in the interest of justice to pursue the contempt proceedings.
Judgment, page 7
From the headnote
Insolvency and Bankruptcy Code, 2016 – s. 12 – Initiation of insolvency resolution process – The respondent no.2-successful resolution applicant defaulted in its obligation – Therefore Adjudicating authority directed reconstitution of Committee of Creditors (COC) of corporate debtor, for reconsideration of Resolution Plan given by resolution applicant (Respondent no.3) – Respondent no.3 was declared as ineligible applicant – Appellate Authority ordered liquidation of corporate debtor – Appeal to Supreme Court by COC – Liquidation proceedings were stayed – As per direction of Supreme Court, in…
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