This appeal was filed by ACRE-81 Trust and others against an order dated 16.03.2023 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court II). The Adjudicating Authority had issued a show cause notice seeking an explanation from the Appellants as to why the penalty stipulated under Section 65 of the Insolvency and Bankruptcy Code, 2016 should not be imposed upon them. The initial application under Section 9 of the Code was filed by Dharam Vir Gupta against the Corporate Debtor, SARE Realty Projects Pvt. Ltd. The Corporate Debtor did not respond or appear, and the application was admitted ex-parte on 01.03.2021. The Adjudicating Authority appointed the IRP on 05.03.2021. The CoC met multiple times, discussing the liquidation of the
…Dharam Vir Gupta, an operational creditor, initiated CIRP against SARE Realty Projects Private Ltd. under Section 9 of the IBC. The Corporate Debtor failed to respond, leading to an ex-parte admission of the application on 01.03.2021. An IRP was appointed on 05.03.2021. The CoC convened multiple meetings, during which the liquidation of the Corporate Debtor was discussed. The Corporate Debtor's office was closed for over a year, and directors had resigned before CIRP commencement. The secured financial creditors had initiated action under the SARFAESI Act. In the fifth CoC meeting, 88.48% of the CoC members, including financial creditors in class (allottees/homebuyers), voted for liquidation. The IRP filed I.A. No. 3818 of 2021 for liquidation. The Adjudicating
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Dharam Vir Gupta filed an application under…
The Adjudicating Authority admitted the…
This appeal was filed by ACRE-81 Trust and others against an order dated 16.03.2023 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court II). The Adjudicating Authority had issued a show cause notice seeking an explanation from the Appellants as to why the penalty stipulated under Section 65 of the Insolvency and Bankruptcy Code, 2016 should not be imposed upon them. The initial application under Section 9 of the Code was filed by Dharam Vir Gupta against the Corporate Debtor, SARE Realty Projects Pvt. Ltd. The Corporate Debtor did not respond or appear, and the application was admitted ex-parte on 01.03.2021. The Adjudicating Authority appointed the IRP on 05.03.2021. The CoC met multiple times, discussing the liquidation of the
…Dharam Vir Gupta, an operational creditor, initiated CIRP against SARE Realty Projects Private Ltd. under Section 9 of the IBC. The Corporate Debtor failed to respond, leading to an ex-parte admission of the application on 01.03.2021. An IRP was appointed on 05.03.2021. The CoC convened multiple meetings, during which the liquidation of the Corporate Debtor was discussed. The Corporate Debtor's office was closed for over a year, and directors had resigned before CIRP commencement. The secured financial creditors had initiated action under the SARFAESI Act. In the fifth CoC meeting, 88.48% of the CoC members, including financial creditors in class (allottees/homebuyers), voted for liquidation. The IRP filed I.A. No. 3818 of 2021 for liquidation. The Adjudicating
…Dharam Vir Gupta filed an application under…
The Adjudicating Authority admitted the…