The appeal was filed against the judgment and order of the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, Court III dated 04.01.2022, which directed the liquidation of the Corporate Debtor, M/s. Narmada Cereals Pvt. Ltd. The appellants, who are promoters of the Corporate Debtor, filed a Resolution Plan, and there were other three Resolution Plans considered by the Committee of Creditors (CoC). The appellants were aggrieved by the order.
The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, Court III, ordered the liquidation of M/s. Narmada Cereals Pvt. Ltd. on 04.01.2022. Arun Mittal & Anr., promoters of Narmada Cereals Pvt. Ltd., filed an appeal against this order. The Appellants' Resolution Plan was for Rs. 37 Crore, which they claimed was higher than the liquidation value. The 11th CoC meeting considered the plan on 17th, 18th, and 20th September, 2021. The CoC ultimately rejected the plan via e-voting with 100% voting of the Financial Creditors. The Corporate Debtor initiated the proceedings under Section 10. The CoC was not willing to give the Appellants an opportunity to enhance their plan. The appellants claimed that other three plans were also put to vote which were
…Sign in to view the parties.
The Adjudicating Authority (National Company…
The 11th CoC meeting was held on 17th,…
The appeal was filed against the judgment and order of the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, Court III dated 04.01.2022, which directed the liquidation of the Corporate Debtor, M/s. Narmada Cereals Pvt. Ltd. The appellants, who are promoters of the Corporate Debtor, filed a Resolution Plan, and there were other three Resolution Plans considered by the Committee of Creditors (CoC). The appellants were aggrieved by the order.
The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, Court III, ordered the liquidation of M/s. Narmada Cereals Pvt. Ltd. on 04.01.2022. Arun Mittal & Anr., promoters of Narmada Cereals Pvt. Ltd., filed an appeal against this order. The Appellants' Resolution Plan was for Rs. 37 Crore, which they claimed was higher than the liquidation value. The 11th CoC meeting considered the plan on 17th, 18th, and 20th September, 2021. The CoC ultimately rejected the plan via e-voting with 100% voting of the Financial Creditors. The Corporate Debtor initiated the proceedings under Section 10. The CoC was not willing to give the Appellants an opportunity to enhance their plan. The appellants claimed that other three plans were also put to vote which were
…The Adjudicating Authority (National Company…
The 11th CoC meeting was held on 17th,…