The case involves two appeals filed against an order dated 2022-02-21 passed by the Adjudicating Authority regarding the approval of a resolution plan submitted by the Resolution Professional under Section 30(6) of the Code. The Adjudicating Authority had referred the matter back to the Committee of Creditors (CoC) due to a high haircut (over 90%) offered to the creditors in the Resolution Plan. The Adjudicating Authority directed a revaluation of the Corporate Debtor's assets by independent valuers appointed by each member of the CoC.
The Committee of Creditors of Delhi Control Devices Pvt. Ltd. and Statcon Electronics India Ltd. filed appeals against an order by the Adjudicating Authority. The Adjudicating Authority had directed a revaluation of the Corporate Debtor's assets due to a high haircut (over 90%) offered to creditors in the Resolution Plan. No objections were raised by any stakeholders regarding the existing valuation of the Corporate Debtor's assets. An application filed by the Intervenor was already pending before the Adjudicating Authority where he has raised objection regarding approval of 'Resolution Plan'. The Resolution Professional had already filed a reply to the said application which is pending consideration.
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The Adjudicating Authority passed an order…
The NCLAT partly allowed the appeals, setting…
The case involves two appeals filed against an order dated 2022-02-21 passed by the Adjudicating Authority regarding the approval of a resolution plan submitted by the Resolution Professional under Section 30(6) of the Code. The Adjudicating Authority had referred the matter back to the Committee of Creditors (CoC) due to a high haircut (over 90%) offered to the creditors in the Resolution Plan. The Adjudicating Authority directed a revaluation of the Corporate Debtor's assets by independent valuers appointed by each member of the CoC.
The Committee of Creditors of Delhi Control Devices Pvt. Ltd. and Statcon Electronics India Ltd. filed appeals against an order by the Adjudicating Authority. The Adjudicating Authority had directed a revaluation of the Corporate Debtor's assets due to a high haircut (over 90%) offered to creditors in the Resolution Plan. No objections were raised by any stakeholders regarding the existing valuation of the Corporate Debtor's assets. An application filed by the Intervenor was already pending before the Adjudicating Authority where he has raised objection regarding approval of 'Resolution Plan'. The Resolution Professional had already filed a reply to the said application which is pending consideration.
The Adjudicating Authority passed an order…
The NCLAT partly allowed the appeals, setting…