The case involves a Company Appeal (AT) (Insolvency) No. 289-291 of 2024 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. Asset Reconstruction Company (India) Ltd. is the Appellant, and VR2 Land Development Pvt. Ltd. & Ors are the Respondents. The Appellant claims that despite holding a 68.92% vote share, they have been ousted from the Committee of Creditors (CoC).
Asset Reconstruction Company (India) Ltd. filed an appeal against VR2 Land Development Pvt. Ltd. & Ors. The Appellant claims to have a 68.92% vote share in the Committee of Creditors (CoC) but has been ousted. The Resolution Professional (RP) has issued Form-G. The Appellant fears that the CoC might proceed with a resolution plan without their input, rendering the appeal infructuous. The court is addressing the handling of resolution plans in light of the Appellant's exclusion from the CoC.
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The case involves a Company Appeal (AT) (Insolvency) No. 289-291 of 2024 before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. Asset Reconstruction Company (India) Ltd. is the Appellant, and VR2 Land Development Pvt. Ltd. & Ors are the Respondents. The Appellant claims that despite holding a 68.92% vote share, they have been ousted from the Committee of Creditors (CoC).
Asset Reconstruction Company (India) Ltd. filed an appeal against VR2 Land Development Pvt. Ltd. & Ors. The Appellant claims to have a 68.92% vote share in the Committee of Creditors (CoC) but has been ousted. The Resolution Professional (RP) has issued Form-G. The Appellant fears that the CoC might proceed with a resolution plan without their input, rendering the appeal infructuous. The court is addressing the handling of resolution plans in light of the Appellant's exclusion from the CoC.
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