The appellant, a shareholder of the corporate debtor, filed an application under Section 60(5) of the I&B Code seeking a direction to the Resolution Professional to issue a public notice inviting Expression of Interest. The appellant aimed to stall the resolution process until new resolution plans were invited and approved by the Committee of Creditors (CoC). The appellant contended that the CoC hastily approved the resolution plan, which was also approved by the Adjudicating Authority, without considering the rights of the shareholders.
The appellant, A. Manickam, is a shareholder of the Corporate Debtor. The appellant filed an application under Section 60(5) of the I&B Code, seeking a direction to the Resolution Professional to issue a public notice inviting Expression of Interest, aiming to stall the resolution process until new resolution plans were invited and approved by the Committee of Creditors (CoC). The appellant argued that the CoC hastily approved the resolution plan, which was also approved by the Adjudicating Authority, without considering the rights of the shareholders. The appellant did not challenge the resolution plan already approved by the Adjudicating Authority under Section 31 of the I&B Code. The court found that if the shareholders had objections regarding the amount
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The Appellant, a shareholder of the Corporate…
The appellant, a shareholder of the corporate debtor, filed an application under Section 60(5) of the I&B Code seeking a direction to the Resolution Professional to issue a public notice inviting Expression of Interest. The appellant aimed to stall the resolution process until new resolution plans were invited and approved by the Committee of Creditors (CoC). The appellant contended that the CoC hastily approved the resolution plan, which was also approved by the Adjudicating Authority, without considering the rights of the shareholders.
The appellant, A. Manickam, is a shareholder of the Corporate Debtor. The appellant filed an application under Section 60(5) of the I&B Code, seeking a direction to the Resolution Professional to issue a public notice inviting Expression of Interest, aiming to stall the resolution process until new resolution plans were invited and approved by the Committee of Creditors (CoC). The appellant argued that the CoC hastily approved the resolution plan, which was also approved by the Adjudicating Authority, without considering the rights of the shareholders. The appellant did not challenge the resolution plan already approved by the Adjudicating Authority under Section 31 of the I&B Code. The court found that if the shareholders had objections regarding the amount
…The Appellant, a shareholder of the Corporate…