This Company Appeal (AT) (Insolvency) No. 179 of 2025 arises from an order dated 22.01.2025 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, which approved a Resolution Plan submitted by Respondent No.2, OCL Iron and Steel Limited. The appeal was filed by Alchemist Asset Reconstruction Company Ltd., a dissenting financial creditor, challenging the Adjudicating Authority's order. The Corporate Debtor, Helios Photo Voltaic Ltd., was subjected to Corporate Insolvency Resolution Process (CIRP) by order dated 11.01.202024. The appellant, being a secured financial creditor, filed its claim in response to the public announcement and was included as a member of the Committee of Creditors (CoC) with a voting share of 18.69%.
…The Corporate Debtor, Helios Photo Voltaic Ltd., underwent CIRP initiated on 2024-01-11. Alchemist Asset Reconstruction Company Ltd., the Appellant, a secured financial creditor, was part of the CoC with 18.69% voting share. National Asset Reconstruction Company Limited (Respondent No.3) held 73.36% and International Finance Corporation (Respondent No.4) held 7.95% of the CoC voting shares. The CoC finalized the RFRP. Resolution Plans were submitted by Respondent Nos.2 (OCL Iron and Steel Limited) and 5, among others. During a challenge process, Respondent No.5 offered Rs.101,05,01,742/-, while Respondent No.2 offered Rs.99,05,00,000/-. Respondent No.5 later revised its offer to Rs.120 Crores. The CoC approved Respondent No.2's Resolution Plan with 73.38% vote share on
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This Company Appeal (AT) (Insolvency) No. 179 of 2025 arises from an order dated 22.01.2025 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, which approved a Resolution Plan submitted by Respondent No.2, OCL Iron and Steel Limited. The appeal was filed by Alchemist Asset Reconstruction Company Ltd., a dissenting financial creditor, challenging the Adjudicating Authority's order. The Corporate Debtor, Helios Photo Voltaic Ltd., was subjected to Corporate Insolvency Resolution Process (CIRP) by order dated 11.01.202024. The appellant, being a secured financial creditor, filed its claim in response to the public announcement and was included as a member of the Committee of Creditors (CoC) with a voting share of 18.69%.
…The Corporate Debtor, Helios Photo Voltaic Ltd., underwent CIRP initiated on 2024-01-11. Alchemist Asset Reconstruction Company Ltd., the Appellant, a secured financial creditor, was part of the CoC with 18.69% voting share. National Asset Reconstruction Company Limited (Respondent No.3) held 73.36% and International Finance Corporation (Respondent No.4) held 7.95% of the CoC voting shares. The CoC finalized the RFRP. Resolution Plans were submitted by Respondent Nos.2 (OCL Iron and Steel Limited) and 5, among others. During a challenge process, Respondent No.5 offered Rs.101,05,01,742/-, while Respondent No.2 offered Rs.99,05,00,000/-. Respondent No.5 later revised its offer to Rs.120 Crores. The CoC approved Respondent No.2's Resolution Plan with 73.38% vote share on
…Corporate Insolvency…
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