The case involves multiple appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal) in relation to the Corporate Insolvency Resolution Process (CIRP) of 'M/s. Oceanic Tropical Fruits Pvt. Ltd.'. M/s. B.R. Traders and M/s. K.K. Foods, filed applications under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Resolution Professional and the Committee of Creditors to reconsider their respective Resolution Plans. These applications were rejected by the Adjudicating Authority. Additionally, Pepsico India Holdings Private Limited filed a Miscellaneous Application under Section 60(5) seeking directions to the Resolution Professional to handover certain Plant & Machinery owned by it, which was also
…M/s. Oceanic Tropical Fruits Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP). M/s. B.R. Traders and M/s. K.K. Foods, as Resolution Applicants, submitted Resolution Plans which were rejected by the Adjudicating Authority (NCLT) because the proposed amounts were less than the liquidation value. The Committee of Creditors (CoC) raised concerns about discrepancies in the Information Memorandum and the Resolution Professional's failure to properly assess the market value of the assets. The Adjudicating Authority then ordered the liquidation of Oceanic Tropical Fruits. Pepsico India Holdings Pvt. Ltd. sought to reclaim Plant & Machinery located at the Corporate Debtor's premises, arguing that it had terminated its agreement with the Corporate Debtor
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Corporate Insolvency Resolution Process…
Pepsico India Holdings Pvt. Ltd. issued a…
The case involves multiple appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal) in relation to the Corporate Insolvency Resolution Process (CIRP) of 'M/s. Oceanic Tropical Fruits Pvt. Ltd.'. M/s. B.R. Traders and M/s. K.K. Foods, filed applications under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Resolution Professional and the Committee of Creditors to reconsider their respective Resolution Plans. These applications were rejected by the Adjudicating Authority. Additionally, Pepsico India Holdings Private Limited filed a Miscellaneous Application under Section 60(5) seeking directions to the Resolution Professional to handover certain Plant & Machinery owned by it, which was also
…M/s. Oceanic Tropical Fruits Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP). M/s. B.R. Traders and M/s. K.K. Foods, as Resolution Applicants, submitted Resolution Plans which were rejected by the Adjudicating Authority (NCLT) because the proposed amounts were less than the liquidation value. The Committee of Creditors (CoC) raised concerns about discrepancies in the Information Memorandum and the Resolution Professional's failure to properly assess the market value of the assets. The Adjudicating Authority then ordered the liquidation of Oceanic Tropical Fruits. Pepsico India Holdings Pvt. Ltd. sought to reclaim Plant & Machinery located at the Corporate Debtor's premises, arguing that it had terminated its agreement with the Corporate Debtor
…Corporate Insolvency Resolution Process…
Pepsico India Holdings Pvt. Ltd. issued a…