Successfully represented the Committee of Creditors of Chinar Retails and Infrastructure Pvt Ltd.

We are pleased to share that Argus Partners successfully represented the Committee of Creditors of Chinar Retails and Infrastructure Private Limited, through Omkara Asset Reconstruction Company Limited (“Appellants”), before the National Company Law Appellate Tribunal (“NCLAT”), New Delhi.

While deciding the issue “As between the CoC and the Adjudicating Authority, who has the authority to appoint the liquidator?”, the NCLAT held that the Adjudicating Authority (NCLT) has no independent authority to appoint a Resolution Professional (IRP/RP) or Liquidator of its own choice. It further observed that the NCLT is not empowered to supersede the decision of the CoC, except in cases involving gross misconduct, collusion, or fraud.

The team at Argus Partners advising Appellants before the NCLAT consisted of Somdutta Bhattacharyya [Partner] and Kiran Sharma [Principal Associate (Designate)].