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The Supreme Court has asked a response from Essel group firms, Cyquator Media Services Pvt Ltd and Direct Media Distribution Ventures, on the appeal against a National Company Law Appellate Tribunal s (NCLAT) September order that rejected its insolvency plea against the firms. The NCLAT dismissed an insolvency petition against Direct Media Ventures and two days later, the insolvency petition against Cyquator Media, a promoter group company of Zee Entertainment Enterprises. ....
“His knowledge of the Securities Law, Companies Act and Insolvency & Bankruptcy Code is impeccable,” said Vikram Trivedi, managing partner of law firm Manilal Kher Ambalal & Co, who has appeared with him as well as against him in several matters in the Securities Appellate Tribunal and the Bombay High Court. “He has been a very meticulous and articulate lawyer and has the ability to understand every matter from all the aspects.” ....
The admission of the application by the National Company Law Tribunal (NCLT) ensures moratorium on transactions of personal assets of the guarantor. But it does not give the resolution professional (RP) the right to take control of the personal assets of the guarantor. Following the ruling, the RP will invite claims from lenders and also validate them. ....
The admission of the application by the National Company Law Tribunal (NCLT) ensures moratorium on transactions of personal assets of the guarantor. But it does not give the resolution professional (RP) the right to take control of the personal assets of the guarantor. Following the ruling, the RP will invite claims from lenders and also validate them. ....