The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) regarding the withdrawal of a resolution plan by the proposed successful resolution applicant and the subsequent refund of the earnest money deposit (EMD) of Rs. 3.5 crores. The appellant challenges the order, while the respondent is the 'Resolution Applicant' who withdrew the plan.
The case revolves around the withdrawal of a 'resolution plan' by the 'proposed successful resolution applicant' after submitting it. The applicant had deposited an earnest money deposit (EMD) of Rs. 3.5 crores. The applicant withdrew the resolution plan a day before the meeting of the 'Committee of Creditors'. The key fact is the withdrawal of the resolution plan and the question of whether the EMD should be refunded. The Adjudicating Authority passed an order, which is now under appeal. The appellant is contesting the order related to the withdrawal of the Earnest Money.
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The case involves an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) regarding the withdrawal of a resolution plan by the proposed successful resolution applicant and the subsequent refund of the earnest money deposit (EMD) of Rs. 3.5 crores. The appellant challenges the order, while the respondent is the 'Resolution Applicant' who withdrew the plan.
The case revolves around the withdrawal of a 'resolution plan' by the 'proposed successful resolution applicant' after submitting it. The applicant had deposited an earnest money deposit (EMD) of Rs. 3.5 crores. The applicant withdrew the resolution plan a day before the meeting of the 'Committee of Creditors'. The key fact is the withdrawal of the resolution plan and the question of whether the EMD should be refunded. The Adjudicating Authority passed an order, which is now under appeal. The appellant is contesting the order related to the withdrawal of the Earnest Money.
Date of the impugned order passed by the…
The question arises for consideration in…
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