The appeals were filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 by Mr. Anil Kumar, the suspended director of the Corporate Debtor, SK Elite Industries India Ltd. The appeals challenged orders dated 06.03.2023 and 15.05.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench Court-II). The first order allowed the resolution plan of the Corporate Debtor to be considered by the Committee of Creditors (CoC), while the second order approved the resolution plan submitted by Metro Realty Group (Respondent No. 3). The appellant contended that there were procedural irregularities in the Corporate Insolvency Resolution Process (CIRP), specifically the non-publication of Form G, which vitiated the entire resolution process. The
…SK Elite Industries-Corporate Debtor was brought under Corporate Insolvency Resolution Process (“CIRP”) on 07.05.2021. Claims were invited. The CoC/Respondent No.2 was constituted which later appointed the Resolution Professional/Respondent No.1. In the 2nd meeting of the CoC, the eligibility criterion of the Potential Resolution Applicants (“PRA”) was agreed upon. Form G was issued with the last date for submission of Expression of Interest (“Eol”) as 05.08.2021. A fresh Form G was published with the last date for submission of Eol as 22.08.2021. The 4th CoC meeting decided to publish fresh Form G with extended timeline due to poor response on account of Covid-19. Three Eols were received from PRAs. The 6th CoC meeting noted that no resolution plans had been received
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SK Elite Industries-Corporate Debtor was…
Form G was issued with…
The appeals were filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 by Mr. Anil Kumar, the suspended director of the Corporate Debtor, SK Elite Industries India Ltd. The appeals challenged orders dated 06.03.2023 and 15.05.2023 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench Court-II). The first order allowed the resolution plan of the Corporate Debtor to be considered by the Committee of Creditors (CoC), while the second order approved the resolution plan submitted by Metro Realty Group (Respondent No. 3). The appellant contended that there were procedural irregularities in the Corporate Insolvency Resolution Process (CIRP), specifically the non-publication of Form G, which vitiated the entire resolution process. The
…SK Elite Industries-Corporate Debtor was brought under Corporate Insolvency Resolution Process (“CIRP”) on 07.05.2021. Claims were invited. The CoC/Respondent No.2 was constituted which later appointed the Resolution Professional/Respondent No.1. In the 2nd meeting of the CoC, the eligibility criterion of the Potential Resolution Applicants (“PRA”) was agreed upon. Form G was issued with the last date for submission of Expression of Interest (“Eol”) as 05.08.2021. A fresh Form G was published with the last date for submission of Eol as 22.08.2021. The 4th CoC meeting decided to publish fresh Form G with extended timeline due to poor response on account of Covid-19. Three Eols were received from PRAs. The 6th CoC meeting noted that no resolution plans had been received
…SK Elite Industries-Corporate Debtor was…
Form G was issued with…