Chandan Mitra withdraws appeal against The Pioneer NCLT Order
This pertains to the insolvency proceedings against a firm belonging to The Pioneer group
Chandan Mitra (owner of The Pioneer Group) has withdrawn the appeal against insolvency order of the National Company Law Tribunal. The court has asked the appellant to file an affidavit regarding the status of Committee of Creditors (CoC) before the next hearing.
This pertains to the insolvency proceedings against a firm belonging to The Pioneer group. The National Company Law Tribunal’s Delhi bench had initiated insolvency proceedings against CMYK Printech, which runs the operation of The Pioneer newspaper.
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. It all started in November 2019 when an insolvency petition was filed by Amit Goyal who was the director of CMYK Printech.
Goel, who owns around 20 per cent in CMYK Printech, 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, which was subsequently revoked in May 2019 following a board resolution. The NCLT order said that the amount due to Goel along with 12 per cent interest was not paid to him after the allocation of equity shares was revoked, forcing him to make an insolvency plea.
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