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being a debtor for petion filed by petition need remedy in NCLT court
31-Jul-2023 (In NCLT Law)
It being 3 year company have been seized with all assets and bank account by Enforcement department and SEBI and CMD is been in custody for our company. Now In NCLT court we have received one more notice to appear for debt to reply to one of creditor. Added to same case the petitioner were appointed IPR who also given verbal submission to court there are many more creditors loan payment and dues are pending with our company.
Give remedy how to go about
1. what to submit in court procedure
2.Can this be settled outside court
3.Is there any ADR available
4. Let say any way our company can get restructured with valuation of debt and equity shares.
5. What could be process with court to change directors
6. What could be necessary to understand the financial position before court procedings
Sir I specialise in this area of practise. Response to Petition has to be drafted keeping all the facts in hand. There are various routes available under IBC where the promoter can come out of the CIRP Process. Both before admission and post admission of CIRP process. Specific reply to each point can be given only after checking the facts of the case.
Helpful?
Adv. Rahul Rameshwar Totala
Mumbai | 25+ Answers
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