Orders and Directions
This page contains the link to the Orders/Directions issued by Hon: Bench of National Company Law Tribunal [NCLT] and Hon: Bench National Company Law Appellate Tribunal , New Delhi on various matters
Commencement of CIRP
On 16th October, 2019 the Hon: Bench of NCLT, Kochi had issued the order admitting the application filed by Dr.N P Kamalesh (Operational Creditor-1) and M/s OCS Group (India) Private Limited (Operational Creditor-2) against PVS Memorial Hospital Private Limited. The Hon:Bench had appointed Mr. Bijoy P Pulipra as Interim Resolution Professional (IRP) in the matter. Click here to download the copy of the said order on TIBA/11/KOB/2019 and IBA/28/KOB/ 2019.
Order restraining the IRP from constituting the Committee of Creditors
An appeal was filed by P.V. Nidhish , a promoter director and shareholder of the PVS Memorial Hospital Private Limited (hereinafter referred to as the “Corporate Debtor”) ,against the order issued by the National Company Law Tribunal , Kochi Bench. Based on the said Appeal the Hon: National Company Law Appellate Tribunal (“NCLAT”) and obtained an order restraining the Interim Resolution Professional (“IRP”) from constituting the Committee of Creditors till 03rd December, 2019. However, the said order permits the IRP to operate the Corporate Debtor as a going concern and carryout other duties and responsibilities attached to the office of Interim Resolution Professional. Click here to download the copy of the said order dated 25-10-2019 passed on the Appeal No 1130 of 2019 and 1131 of 2019.
Order of NCLT for reinstating the Electricity and water connection.
Interim Resolution Professional had approached the Hon: Bench of National Company Law Tribunal vide MA No.14/KOB/2019 in TIBA/11/KOB/2019 and obtained the order for reinstating the electricity connection by Kerala State Electricity Board. Based on the said Order the Kerala State Electricity Board (“KSEB”) had taken steps for reconnecting the electricity to the premises of the corporate debtor. The MA No 14/KOB/2019 had been disposed of accordingly. Click here to download the copy of the said order dated 06-11-2019
Order of NCLT directing the IRP to file Form FA (Withdrawal of application)
Dr.N P Kamalesh, TIBA/11/KOB/2019 in the matter of PVS Memorial Hospital Private Limited, No XXIV/1484, Kaloor, Ernakulam, Kerala 682 017 has submitted the application for withdrawal of Corporate Insolvency Resolution Process in Form FA to the Interim Resolution Professional on 25th November, 2019. OCS Group (India) Private Limited, IBA/28/KOB/2019 in the matter of PVS Memorial Hospital Private Limited, No XXIV/1484, Kaloor, Ernakulam, Kerala 682 017 has submitted the application for withdrawal of Corporate Insolvency Resolution Process in Form FA to the Interim Resolution Professional on 25th November, 2019. The IRP has approached the NCLT, Kochi vide MA No.26 & 27 /KOB/2019 in TIBA/11/KOB/2019 to issue necessary directions to the Interim Resolution Professional as to whether the IRP can file Form FA submitted by Dr.N P Kamalesh, TIBA/11/KOB/2019 based on the settlement arrived at with PVS Memorial Hospital Private Limited, No XXIV/1484, Kaloor, Ernakulam, Kerala 682 017. The Hon: Bench of NCLT Kochi had directed the IRP to file Form FA of both the applicants in view of the settlement arrived at between the parties. MA No.26/KOB/2019, MA No.27/KOB/2019 & MA No.28/KOB/2019 in TIBA/11/KOB/2019 has been disposed of with the above directions. Click here to download the copy of the Order dated 02nd December, 2019.
Order of NCLAT directing NCLT Kochi to pass appropriate Orders by disposing off appeal
As reply to the Appeal the IRP had submitted the details of the claims received and the order passed by the NCLT Kochi wrt withdrawal of applications. The Hon: Bench of NCLAT had directed the Hon:NCLT Kochi to pass appropriate order in terms of the decision of the Hon’ble Supreme Court in ‘‘Swiss Ribbons Pvt. Ltd. & Anr. vs. Union of India & Ors.- ‘2019 SCC Online SC 73’ taking into consideration the other factors including the claim, if any, made by other parties. The appeal is disposed of with aforesaid direction. Click here to download the copy of the Order dated 03rd December, 2019.
Order of NCLT KOCHI directing IRP to continue the CIRP and constitute COC
Based on the MA/35/KOB/2019 filed by the IRP, the Hon: NCLT ,Kochi Bench had passed the order mentioning that " After perusing the whole case records and also the directions of the Hon’ble National Company Law Appellate Tribunal dated 3.12.2019, we are of the view that there is no need to interfere with the Corporate Insolvency Resolution Process initiated against the Corporate Debtor vide our order dated 16.10.2019 and the same should be continued against the Corporate Debtor" The said order has directed the IRP to constitute the Committee of Creditors immediately in accordance with the provisions of the Act and Regulations. The MA/35/KOB/2019 has disposed of with aforesaid direction. Click here to download the copy of the Order dated 09th December, 2019.
Order of NCLAT New Delhi directing the promoters to file Affidavit
NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI had issued an order on the Company Appeal (AT) (Insolvency) No. 1477 of 2019 filed by one of the promoters of the Corporate Debtor (Appellant) and had allowed the Appellant to file an additional affidavit enclosing Terms of Settlement and scheme, if any, for paying all the creditors, within one week. The Respondent, Resolution Professional, LIC Housing Finance Ltd. and Committee of Creditors are allowed to file their respective reply affidavits within one week from the date of receipt of additional affidavit enclosing terms of settlement/scheme. The matter is posted for 05th February, 2020. Click here to download the copy of the order dated 03rd January, 2020
Order of NCLT Kochi directing the promoters to cooperate with CIRP
Based on the MA/44/KOB/2019 filed by the Resolution professional seeking co-operation of the Corporate Debtor for the CIRP Process, the NCLT,Kochi Bench and passed the following order
The suspended Directors are directed to extend all support and co-operation to the Resolution Professional in the CIR Process so as to protect and maximise the value of the Corporate Debtor and also to ensure that it remains as a going concern.
(ii) The suspended Directors are also directed to furnish an undertaking to the RP that the vehicles will be kept in running condition and physically handed over to RP as and when required.
(iii) The RP is directed to take appropriate steps to preserve and maximise the value of the Corporate Debtor and look for a Resolution Applicant at the earliest.
Order of NCLT Kochi for condoning delay in appointing Registered valuers and submission of Information Memorandum.
Based on the IA/26/KOB/2019 filed by the Resolution professional seeking condonation of delay appointing the Registered Valuer and submission of the Information Memorandum, the Hon:NCLT, Kochi Bench passed the following order
(i) The delay of Forty-Four days in the appointment of Registered Valuers is condoned and the Resolution Professional is directed to appoint the Registered Valuers within Three days from this date.
(ii) The delay of Thirty-seven days in the submission of Information Memorandum is condoned and the Resolution Professional is also directed to make arrangements for the Statutory Auditing for the year 2018-19 immediately and submit the Information Memorandum to the members of the Committee of Creditors on or before 05.02.2020.