This case involves an appeal against an order dated 08.03.2022 passed by the National Company Law Tribunal, Kolkata Bench-1, Kolkata, concerning I.A.(IB) No. 207/KB/2019, I.A. (IB) No. 280/KB/2019, and I.A.(IB) No. 1010/KB/2019 in CP(IB) No. 363/KB/2017. The appellant is the Successful Resolution Applicant for the Corporate Debtor, Divya Jyoti Sponge Iron Private Limited. The Resolution Plan, approved by the Committee of Creditors and the Adjudicating Authority on 13.03.2018, was implemented by the Resolution Applicant. However, certain Operational Creditors filed Interlocutory Applications claiming discrepancies in the distribution under the plan.
The Corporate Debtor, Divya Jyoti Sponge Iron Private Limited, had its Resolution Plan approved on 13.03.2018. The Appellant, the Successful Resolution Applicant, implemented the plan. Operational Creditors filed Interlocutory Applications claiming that the distribution to them under the plan was not in accordance with the Resolution Plan. The Adjudicating Authority directed the Resolution Applicant to pay 47.49% of the total amount (Rs. 3,15,86,607/-) within 10 days. The Resolution Applicant was relieved from Section 74(3) of the Code. The Resolution Plan contemplated a haircut of 96.83% for Operational Creditors. The total trade payables were Rs. 47.43 Crores, with claims received and admitted by the Resolution Professional amounting to Rs. 3.16 crores. The company
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Company has outstanding dues of Rs. 56.17…
Resolution Plan…
This case involves an appeal against an order dated 08.03.2022 passed by the National Company Law Tribunal, Kolkata Bench-1, Kolkata, concerning I.A.(IB) No. 207/KB/2019, I.A. (IB) No. 280/KB/2019, and I.A.(IB) No. 1010/KB/2019 in CP(IB) No. 363/KB/2017. The appellant is the Successful Resolution Applicant for the Corporate Debtor, Divya Jyoti Sponge Iron Private Limited. The Resolution Plan, approved by the Committee of Creditors and the Adjudicating Authority on 13.03.2018, was implemented by the Resolution Applicant. However, certain Operational Creditors filed Interlocutory Applications claiming discrepancies in the distribution under the plan.
The Corporate Debtor, Divya Jyoti Sponge Iron Private Limited, had its Resolution Plan approved on 13.03.2018. The Appellant, the Successful Resolution Applicant, implemented the plan. Operational Creditors filed Interlocutory Applications claiming that the distribution to them under the plan was not in accordance with the Resolution Plan. The Adjudicating Authority directed the Resolution Applicant to pay 47.49% of the total amount (Rs. 3,15,86,607/-) within 10 days. The Resolution Applicant was relieved from Section 74(3) of the Code. The Resolution Plan contemplated a haircut of 96.83% for Operational Creditors. The total trade payables were Rs. 47.43 Crores, with claims received and admitted by the Resolution Professional amounting to Rs. 3.16 crores. The company
…Company has outstanding dues of Rs. 56.17…
Resolution Plan…