Authum Investment and Infrastructure Limited filed an appeal challenging the order dated 29.07.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – IV) in I.A. No.1143/2024. The Adjudicating Authority directed that the resolution plan submitted by Ashdan Properties Private Limited (Respondent No. 1) be considered by the Committee of Creditors (CoC). The appellant, a Resolution Applicant (RA), argued that Respondent No. 1's plan was submitted after the deadline.
The Corporate Insolvency Resolution Process (CIRP) for AA Estate Private Limited commenced on 06.12.2022. The Resolution Professional (RP) issued a request for resolution plans (RFRP). The last date for submission of the resolution plan was initially 05.02.2024, then extended to 14.02.2024. Authum Investment and Infrastructure Limited (Appellant) submitted a resolution plan on 09.02.2024. Ashdan Properties Private Limited (Respondent No. 1) submitted its plan on 15.02.2024, one day after the deadline. The CoC met on 16.02.2024 and decided not to accept Respondent No. 1's plan due to the late submission. Respondent No. 1 filed I.A.1143/2024 seeking condonation of the delay, which the Adjudicating Authority allowed on 29.07.2024, directing the CoC to consider the plan. A
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Corporate Insolvency…
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Authum Investment and Infrastructure Limited filed an appeal challenging the order dated 29.07.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – IV) in I.A. No.1143/2024. The Adjudicating Authority directed that the resolution plan submitted by Ashdan Properties Private Limited (Respondent No. 1) be considered by the Committee of Creditors (CoC). The appellant, a Resolution Applicant (RA), argued that Respondent No. 1's plan was submitted after the deadline.
The Corporate Insolvency Resolution Process (CIRP) for AA Estate Private Limited commenced on 06.12.2022. The Resolution Professional (RP) issued a request for resolution plans (RFRP). The last date for submission of the resolution plan was initially 05.02.2024, then extended to 14.02.2024. Authum Investment and Infrastructure Limited (Appellant) submitted a resolution plan on 09.02.2024. Ashdan Properties Private Limited (Respondent No. 1) submitted its plan on 15.02.2024, one day after the deadline. The CoC met on 16.02.2024 and decided not to accept Respondent No. 1's plan due to the late submission. Respondent No. 1 filed I.A.1143/2024 seeking condonation of the delay, which the Adjudicating Authority allowed on 29.07.2024, directing the CoC to consider the plan. A
…Corporate Insolvency…
Initial last d…