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JC - Article - Roopjyot Engineering’s Appeal Proceedings Before NCLAT


07 Mar 2022

Roopjyot Engineering’s Appeal Proceedings Before NCLAT

Published by Global Legal Chronicle
Click here to view article in Published website.

Roopjyot Engineering’s Appeal Proceedings Before NCLAT

Juris Corp represented and advised Roopjyot Engineering and other secured non-convertible debenture holders, in the proceeding.

The appeal was filed as the NCLT had approved the provisioning made by the Successful Resolution Applicant (“SRA”), in its resolution plan, for appropriating huge sums of potential money / proceeds from avoidance transactions under Section 66 of the Code, for its own benefit. The law on this aspect, as intended by the legislature and ascertained through various reports, clear established that the same must ensure to the benefit of the creditors, in order of priority given under Section 53 of the Code. The Committee of Creditors (“CoC”) cannot exercise its discretion to negotiate the terms against the statutory provision of the Code.

The Juris Corp team was led by Partner Mr. Shubhabrata Chakraborti (Picture), Mr. Dhruv Malik (Counsel), Mr. Sumitava Basu (Counsel), Ms. Sharmistha Ghosh (Senior Associate), and Ms. Mannat Sabharwal (Associate).

Involved fees earner: Sumitava Basu – Juris Corp ; Shubhabrata Chakraborti – Juris Corp ; Sharmistha Ghosh – Juris Corp ; Dhruv Malik – Juris Corp ; Mannat Sabharwal – Juris Corp ;

Law Firms: Juris Corp ;

Clients: Roopjyot Engineering ;