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Chandan Mitra Withdraws Appeal Against NCLT Order

In November last year, one of the directors of CMYK Printeck, Amit Goel approached the Tribunal in the capacity of a financial creditor to initiate insolvency proceedings against the media publishing group.

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Chandan Mitra (owner of The Pioneer Group) has withdrawn the appeal against the insolvency order of the National Company Law Tribunal. The court has asked the appellant to file an affidavit regarding the status of the Committee of Creditors (CoC) before the next hearing.

In November last year, one of the directors of CMYK Printeck, Amit Goel approached the Tribunal in the capacity of a financial creditor to initiate insolvency proceedings against the media publishing group. In an order dated January 25, NCLT had appointed an interim resolution professional who had issued a public notice asking all creditors to come forward with their claims.

Back In September 2018, Goel's unsecured loan was converted into equity shares Goel had given an unsecured loan of Rs 1.56 crore to the company's promoters in August 2018. The loan was converted into equity in September 2018, However, the company defaulted on the allotment of shares and also failed to return the application money. The amount due to Goel along with 12 per cent interest was not paid to him after the allocation of equity shares was revoked. This made the applicant fille the present application before the NCLT Bench.

The matter is posted for hearing on 3rd August.


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NCLT national company law tribunal