The case involves an appeal against an order directing the Resolution Professional to release an amount of Rs.3.50 Crores. '21 Capital PCC' deposited this amount in an escrow account with the State Bank of India as earnest money for submitting a resolution plan. However, the resolution plan was withdrawn before approval by the Committee of Creditors. The Resolution Professional rejected '21 Capital PCC's' request to withdraw the deposited amount and forfeited it. '21 Capital PCC' then moved before the Adjudicating Authority, which directed the Resolution Professional to release the amount. The Resolution Professional challenged this order.
The corporate debtor is not explicitly mentioned, but '21 Capital PCC' deposited Rs.3.50 Crores in an escrow account with the State Bank of India as earnest money for submitting a resolution plan. The Committee of Creditors required this deposit as a condition for submitting a resolution plan. The resolution plan was withdrawn by '21 Capital PCC' before it was approved by the Committee of Creditors. The Resolution Professional rejected '21 Capital PCC's' request to withdraw the deposited amount and forfeited it. The Adjudicating Authority then directed the Resolution Professional to release the amount to '21 Capital PCC'. The Resolution Professional challenged the Adjudicating Authority's order.
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'21 Capital PCC' deposited Rs.3.50 Crores in…
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The case involves an appeal against an order directing the Resolution Professional to release an amount of Rs.3.50 Crores. '21 Capital PCC' deposited this amount in an escrow account with the State Bank of India as earnest money for submitting a resolution plan. However, the resolution plan was withdrawn before approval by the Committee of Creditors. The Resolution Professional rejected '21 Capital PCC's' request to withdraw the deposited amount and forfeited it. '21 Capital PCC' then moved before the Adjudicating Authority, which directed the Resolution Professional to release the amount. The Resolution Professional challenged this order.
The corporate debtor is not explicitly mentioned, but '21 Capital PCC' deposited Rs.3.50 Crores in an escrow account with the State Bank of India as earnest money for submitting a resolution plan. The Committee of Creditors required this deposit as a condition for submitting a resolution plan. The resolution plan was withdrawn by '21 Capital PCC' before it was approved by the Committee of Creditors. The Resolution Professional rejected '21 Capital PCC's' request to withdraw the deposited amount and forfeited it. The Adjudicating Authority then directed the Resolution Professional to release the amount to '21 Capital PCC'. The Resolution Professional challenged the Adjudicating Authority's order.
'21 Capital PCC' deposited Rs.3.50 Crores in…
The Adjudicating Authority directed the…
Sign in to view related legal provisions.