This is an appeal filed by Bipin Sharma and 14 others under section 61 of the Insolvency and Bankruptcy Code, 2016, against the order dated 8.6.2021 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi). The resolution plan was submitted by M/s. Alpha Corp. Development Private Limited in the Corporate Insolvency Resolution Process of the corporate debtor Earth Infrastructure Ltd. The appellants claimed that the resolution plan approved by the Adjudicating Authority was non-compliant with the provisions of section 30(1) and 30(2) of the IBC and suffered from serious irregularities.
Bipin Sharma and 14 others filed an appeal against the Adjudicating Authority's order approving a resolution plan submitted by Alpha Corp. Development Private Limited for Earth Infrastructure Ltd. The appellants argued that the resolution plan was non-compliant with section 30(1) and 30(2) of the IBC and suffered from irregularities. Respondent No. 2 challenged the maintainability of the appeal, citing a similar matter dismissed earlier. The appellants claimed that the resolution plan did not provide for payment of debt to 56% of the financial creditors (home buyers) who either voted against the plan or did not vote at all. The Resolution Professional allegedly did not provide sufficient notice before convening the CoC meeting. The court considered the role of the
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Order passed by the Adjudicating Authority…
A similar matter was dismissed by the Hon'ble…
This is an appeal filed by Bipin Sharma and 14 others under section 61 of the Insolvency and Bankruptcy Code, 2016, against the order dated 8.6.2021 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi). The resolution plan was submitted by M/s. Alpha Corp. Development Private Limited in the Corporate Insolvency Resolution Process of the corporate debtor Earth Infrastructure Ltd. The appellants claimed that the resolution plan approved by the Adjudicating Authority was non-compliant with the provisions of section 30(1) and 30(2) of the IBC and suffered from serious irregularities.
Bipin Sharma and 14 others filed an appeal against the Adjudicating Authority's order approving a resolution plan submitted by Alpha Corp. Development Private Limited for Earth Infrastructure Ltd. The appellants argued that the resolution plan was non-compliant with section 30(1) and 30(2) of the IBC and suffered from irregularities. Respondent No. 2 challenged the maintainability of the appeal, citing a similar matter dismissed earlier. The appellants claimed that the resolution plan did not provide for payment of debt to 56% of the financial creditors (home buyers) who either voted against the plan or did not vote at all. The Resolution Professional allegedly did not provide sufficient notice before convening the CoC meeting. The court considered the role of the
…Order passed by the Adjudicating Authority…
A similar matter was dismissed by the Hon'ble…