The Appellants, allottees of the Corporate Debtor M/s Shubhkamna Buildtech Pvt. Ltd., challenged the order dated 26.11.2018 passed by the Adjudicating Authority (National Company Law Tribunal), Court No. 4, New Delhi, which admitted an application under Section 9 preferred by M/s Concord Infrastructure Pvt. Ltd. (Operational Creditor). The first appellant, Mr. Ajit Kumar Saxena, argued that continuing the Corporate Insolvency Resolution Process (CIRP) against M/s Shubhkamna Buildtech Pvt. Ltd. would likely lead to failure of resolution. The appellant feared that the Successful Resolution Applicant might increase the price of flats/shops and alter the approved plan specifications, affecting the allottees.
The Appellants are allottees of M/s Shubhkamna Buildtech Pvt. Ltd., the Corporate Debtor. An application under Section 9 of the IBC, filed by M/s Concord Infrastructure Pvt. Ltd. (Operational Creditor), was admitted by the Adjudicating Authority (NCLT). The Appellants challenged this order, arguing that the CIRP's continuation would likely lead to resolution failure and that the Successful Resolution Applicant might increase prices or alter the approved plan. The Resolution Professional contended that the appeal was time-barred and that an Insolvency Professional had been appointed to address the allottees' grievances. The allottees hold a significant voting share (87.3%) in the Committee of Creditors. The impugned order is dated 26.11.2018.
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Order passed by the Adjudicating Authority…
The Appellants, allottees of the Corporate…
The Appellants, allottees of the Corporate Debtor M/s Shubhkamna Buildtech Pvt. Ltd., challenged the order dated 26.11.2018 passed by the Adjudicating Authority (National Company Law Tribunal), Court No. 4, New Delhi, which admitted an application under Section 9 preferred by M/s Concord Infrastructure Pvt. Ltd. (Operational Creditor). The first appellant, Mr. Ajit Kumar Saxena, argued that continuing the Corporate Insolvency Resolution Process (CIRP) against M/s Shubhkamna Buildtech Pvt. Ltd. would likely lead to failure of resolution. The appellant feared that the Successful Resolution Applicant might increase the price of flats/shops and alter the approved plan specifications, affecting the allottees.
The Appellants are allottees of M/s Shubhkamna Buildtech Pvt. Ltd., the Corporate Debtor. An application under Section 9 of the IBC, filed by M/s Concord Infrastructure Pvt. Ltd. (Operational Creditor), was admitted by the Adjudicating Authority (NCLT). The Appellants challenged this order, arguing that the CIRP's continuation would likely lead to resolution failure and that the Successful Resolution Applicant might increase prices or alter the approved plan. The Resolution Professional contended that the appeal was time-barred and that an Insolvency Professional had been appointed to address the allottees' grievances. The allottees hold a significant voting share (87.3%) in the Committee of Creditors. The impugned order is dated 26.11.2018.
Order passed by the Adjudicating Authority…
The Appellants, allottees of the Corporate…