The case involves an appeal against the approval of a resolution plan for Royal Splendour Developers Pvt. Ltd. The Committee of Creditors (COC) approved the resolution plan, which was also approved by the Adjudicating Authority (National Company Law Tribunal, Division Bench, Chennai). The Appellant Bank, a minority shareholder with 24.97% voting share, voted against the plan and sought liquidation instead. The Appellant's objection is that the resolution plan does not address the handling of securities held by the bank if the Successful Resolution Applicant (SRA) fails to complete the project.
The Committee of Creditors (COC) approved a resolution plan for Royal Splendour Developers Pvt. Ltd., which was also approved by the Adjudicating Authority (National Company Law Tribunal, Division Bench, Chennai). The Appellant Bank, holding a minority 24.97% voting share, opposed the resolution plan, preferring liquidation. The Appellant's primary concern was the absence of provisions in the resolution plan addressing the treatment of securities held by the bank should the Successful Resolution Applicant (SRA) fail to complete the project. The Appellant's counsel could not demonstrate that such a proposal was made during the COC meeting. The court considered the limited scope of its jurisdiction to interfere with the commercial decisions of the COC, referencing the
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The case involves an appeal against the approval of a resolution plan for Royal Splendour Developers Pvt. Ltd. The Committee of Creditors (COC) approved the resolution plan, which was also approved by the Adjudicating Authority (National Company Law Tribunal, Division Bench, Chennai). The Appellant Bank, a minority shareholder with 24.97% voting share, voted against the plan and sought liquidation instead. The Appellant's objection is that the resolution plan does not address the handling of securities held by the bank if the Successful Resolution Applicant (SRA) fails to complete the project.
The Committee of Creditors (COC) approved a resolution plan for Royal Splendour Developers Pvt. Ltd., which was also approved by the Adjudicating Authority (National Company Law Tribunal, Division Bench, Chennai). The Appellant Bank, holding a minority 24.97% voting share, opposed the resolution plan, preferring liquidation. The Appellant's primary concern was the absence of provisions in the resolution plan addressing the treatment of securities held by the bank should the Successful Resolution Applicant (SRA) fail to complete the project. The Appellant's counsel could not demonstrate that such a proposal was made during the COC meeting. The court considered the limited scope of its jurisdiction to interfere with the commercial decisions of the COC, referencing the
…The court hea…
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