The case involves a Corporate Debtor who submitted a Resolution Plan that was approved by the Tribunal on 2019-09-30. According to the approved plan, the successful Resolution Applicants were required to pay Rs.156.78 Crore to the Financial Creditors within 45 days, i.e., by 2019-11-15. However, Axis Bank, one of the Financial Creditors, moved an IA/1266/2020 seeking liquidation of the Corporate Debtor because the Resolution Applicant failed to adhere to the terms of the Resolution Plan and did not pay the amount. A request for modification of the Resolution Plan was made, but SBI, holding 78% of the shares, did not object. The Tribunal rejected the request for modification and ordered liquidation, appointing a liquidator.
A Corporate Debtor's Resolution Plan was approved by the Tribunal on 2019-09-30, requiring successful Resolution Applicants to pay Rs.156.78 Crore to Financial Creditors by 2019-11-15. Axis Bank, a Financial Creditor, filed IA/1266/2020 seeking liquidation because the Resolution Applicant failed to comply with the Resolution Plan. SBI, holding 78% of the shares, did not object to a request for modification of the Resolution Plan. The Tribunal rejected the modification request and ordered liquidation, appointing a liquidator. The petitioner filed a writ petition seeking an interim injunction to prevent advertisements regarding the liquidation process. The petitioner intends to challenge the NCLT order and requested interim relief to file an appeal.
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Deadline for the successful Resolution…
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The case involves a Corporate Debtor who submitted a Resolution Plan that was approved by the Tribunal on 2019-09-30. According to the approved plan, the successful Resolution Applicants were required to pay Rs.156.78 Crore to the Financial Creditors within 45 days, i.e., by 2019-11-15. However, Axis Bank, one of the Financial Creditors, moved an IA/1266/2020 seeking liquidation of the Corporate Debtor because the Resolution Applicant failed to adhere to the terms of the Resolution Plan and did not pay the amount. A request for modification of the Resolution Plan was made, but SBI, holding 78% of the shares, did not object. The Tribunal rejected the request for modification and ordered liquidation, appointing a liquidator.
A Corporate Debtor's Resolution Plan was approved by the Tribunal on 2019-09-30, requiring successful Resolution Applicants to pay Rs.156.78 Crore to Financial Creditors by 2019-11-15. Axis Bank, a Financial Creditor, filed IA/1266/2020 seeking liquidation because the Resolution Applicant failed to comply with the Resolution Plan. SBI, holding 78% of the shares, did not object to a request for modification of the Resolution Plan. The Tribunal rejected the modification request and ordered liquidation, appointing a liquidator. The petitioner filed a writ petition seeking an interim injunction to prevent advertisements regarding the liquidation process. The petitioner intends to challenge the NCLT order and requested interim relief to file an appeal.
The Tribunal approved…
Deadline for the successful Resolution…
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