This appeal was filed against an order dated 08.03.2022 by the National Company Law Tribunal, Kolkata Bench, which rejected IA (IB) No.537/KB/2021. The appellant sought disqualification of the Successful Resolution Applicant under Section 29A of the Insolvency and Bankruptcy Code, 2016 (IBC), and aimed to set aside the Committee of Creditors' (CoC) decision to reject the appellant's proposal. The appellant, Avantha Holdings Limited, is the promoter and shareholder of Avanta Power and Infrastructure Limited, which holds 17.9% shares of the Corporate Debtor, Jhabua Power Limited. The CIRP was initiated on 27.03.2019, following an application by FLSmidth Private Limited under Section 9 of the Code. The appellant submitted a One Time Settlement (OTS) offer on 03.06.2019,
…Avantha Holdings Limited, the appellant, is a promoter and shareholder of Avanta Power and Infrastructure Limited, which in turn holds 17.9% shares of the Corporate Debtor, Jhabua Power Limited. FLSmidth Private Limited filed an application under Section 9 of the IBC, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) for Jhabua Power Limited on 27.03.2019. Mr. Abhilash Lal was appointed as the Resolution Professional (RP). Avantha Holdings submitted a One Time Settlement (OTS) offer on 03.06.2019, which was deemed commercially unviable by the Committee of Creditors (CoC). The RP invited Expression of Interest (EOI) from prospective resolution applicants, with a submission deadline of 31.12.2019. NTPC submitted a resolution plan on 30.12.2019.
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Corporate Insolvency Resolution Process…
Avantha Holdings Limited submitted a One Time…
This appeal was filed against an order dated 08.03.2022 by the National Company Law Tribunal, Kolkata Bench, which rejected IA (IB) No.537/KB/2021. The appellant sought disqualification of the Successful Resolution Applicant under Section 29A of the Insolvency and Bankruptcy Code, 2016 (IBC), and aimed to set aside the Committee of Creditors' (CoC) decision to reject the appellant's proposal. The appellant, Avantha Holdings Limited, is the promoter and shareholder of Avanta Power and Infrastructure Limited, which holds 17.9% shares of the Corporate Debtor, Jhabua Power Limited. The CIRP was initiated on 27.03.2019, following an application by FLSmidth Private Limited under Section 9 of the Code. The appellant submitted a One Time Settlement (OTS) offer on 03.06.2019,
…Avantha Holdings Limited, the appellant, is a promoter and shareholder of Avanta Power and Infrastructure Limited, which in turn holds 17.9% shares of the Corporate Debtor, Jhabua Power Limited. FLSmidth Private Limited filed an application under Section 9 of the IBC, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) for Jhabua Power Limited on 27.03.2019. Mr. Abhilash Lal was appointed as the Resolution Professional (RP). Avantha Holdings submitted a One Time Settlement (OTS) offer on 03.06.2019, which was deemed commercially unviable by the Committee of Creditors (CoC). The RP invited Expression of Interest (EOI) from prospective resolution applicants, with a submission deadline of 31.12.2019. NTPC submitted a resolution plan on 30.12.2019.
…Corporate Insolvency Resolution Process…
Avantha Holdings Limited submitted a One Time…