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    This document summarizes a court order from the National Company Law Appellate Tribunal regarding an appeal filed by Horseshoe Entertainment & Hospitality Private Limited against The Comedy Store Limited. The Tribunal held that a company's Board of Directors must obtain approval from shareholders and creditors before filing an application under Section 10 of India's Insolvency and Bankruptcy Code. Given this ruling and a recent amendment to the law, the appellant's counsel sought to withdraw the appeal to allow the Board to seek such approval if they wish to file another Section 10 application. The Tribunal granted the withdrawal but without allowing challenges to the same impugned order.

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    This document summarizes a court order from the National Company Law Appellate Tribunal regarding an appeal filed by Horseshoe Entertainment & Hospitality Private Limited against The Comedy Store Limited. The Tribunal held that a company's Board of Directors must obtain approval from shareholders and creditors before filing an application under Section 10 of India's Insolvency and Bankruptcy Code. Given this ruling and a recent amendment to the law, the appellant's counsel sought to withdraw the appeal to allow the Board to seek such approval if they wish to file another Section 10 application. The Tribunal granted the withdrawal but without allowing challenges to the same impugned order.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    16 views2 pages

    DSFGHJKLKJH

    Uploaded by

    dbhnjbgvfcvgbhnj
    This document summarizes a court order from the National Company Law Appellate Tribunal regarding an appeal filed by Horseshoe Entertainment & Hospitality Private Limited against The Comedy Store Limited. The Tribunal held that a company's Board of Directors must obtain approval from shareholders and creditors before filing an application under Section 10 of India's Insolvency and Bankruptcy Code. Given this ruling and a recent amendment to the law, the appellant's counsel sought to withdraw the appeal to allow the Board to seek such approval if they wish to file another Section 10 application. The Tribunal granted the withdrawal but without allowing challenges to the same impugned order.

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    © All Rights Reserved
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    of 2

    NATIONAL COMPANY LAW APPELLATE TRIBUNAL

    NEW DELHI

    Company Appeal (AT) (Insolvency) No. 214 of 2018

    IN THE MATTER OF:

    Horseshoe Entertainment & Hospitality


    Private Limited …Appellant

    Versus

    The Comedy Store Limited …Respondent

    Present:

    For Appellant : Mr. Alishan Naqvee, Ms. Rupal Bhatia, Mr. Saurabh
    Chaturvedi and Mohd. Kamran, Advocates

    For Respondent : Mr. Puneet Singh Bindra and Ms. Akshita Gupta,
    Advocates

    ORDER

    19.07.2018 One of the question involved in this appeal is whether for filing

    an application under Section 10 of the Insolvency and Bankruptcy Code, 2016

    (hereinafter referred to as the ‘I&B Code’) the Board of Director of ‘Corporate

    Debtor’ is required to place the matter before the shareholders and creditors in

    its Extra ordinary General Meeting (EoGM) or Annual General Meeting (AGM).

    Similar issue fell for consideration before this Appellate Tribunal in “Gaja

    Trustee Company Pvt. Ltd. & Ors. Vs. Haldia Coke and Chemicals Pvt. Ltd. & Ors.

    – Company Appeal (AT) (Insolvency) NO. 137 of 2017” wherein this Appellate

    Tribunal by judgment passed today (19th July, 2018) held that Board of Directors

    is required to place the matter before the shareholders and creditors and to take

    its approval for filing application under Section 10 of the I&B Code.
    -2-

    Learned counsel appearing on behalf of the respondent submits that law

    has also been amended wherein similar provisions has been made.

    In view of the decision of this Appellate Tribunal in Gaja Trustee Company

    Pvt. Ltd. & Ors. (Supra) and recent amendment, learned counsel for the appellant

    sought permission to withdraw the appeal to enable the Board of Directors to

    place the matter before the shareholders in EOGM and AGM, if they intend to

    file another application under Section 10 of the I&B Code. Liberty is granted but

    without liberty to challenge the same very impugned order.

    The appeal stands disposed of as withdrawn.

    [Justice S.J. Mukhopadhaya]


    Chairperson

    [ Justice Bansi Lal Bhat ]


    Member (Judicial)

    /ns/uk/

    Company Appeal (AT) (Insolvency) No. 214 of 2018

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