The case involves an appeal filed by Daimler Financial Services India Pvt. Ltd. against an order dated 02.03.2021 passed by the National Company Law Tribunal (NCLT), New Delhi, in IA-1116/ND/2021 filed in (IB)-2029/ND/2019. The application filed by the Appellant sought a direction against the Resolution Professional to admit its claim and also prayed for the rejection of the Resolution Plan, which was already approved by the Committee of Creditors (CoC). The NCLT dismissed the application.
Daimler Financial Services India Pvt. Ltd. filed an application before the NCLT seeking direction against the Resolution Professional to admit its claim and to reject the Resolution Plan for M/s Mass Metals Pvt. Ltd. The Resolution Plan had already been approved by the Committee of Creditors (CoC) with 79.48% voting share. The Adjudicating Authority had reserved its order on 12.01.2021. The Appellant filed Form-C on 25.02.2021, after the Resolution Plan was approved by the CoC. The NCLT rejected the application, citing that entertaining the objections would amount to 'Hydra propping'. The Appellant then filed an appeal before the NCLAT.
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The case involves an appeal filed by Daimler Financial Services India Pvt. Ltd. against an order dated 02.03.2021 passed by the National Company Law Tribunal (NCLT), New Delhi, in IA-1116/ND/2021 filed in (IB)-2029/ND/2019. The application filed by the Appellant sought a direction against the Resolution Professional to admit its claim and also prayed for the rejection of the Resolution Plan, which was already approved by the Committee of Creditors (CoC). The NCLT dismissed the application.
Daimler Financial Services India Pvt. Ltd. filed an application before the NCLT seeking direction against the Resolution Professional to admit its claim and to reject the Resolution Plan for M/s Mass Metals Pvt. Ltd. The Resolution Plan had already been approved by the Committee of Creditors (CoC) with 79.48% voting share. The Adjudicating Authority had reserved its order on 12.01.2021. The Appellant filed Form-C on 25.02.2021, after the Resolution Plan was approved by the CoC. The NCLT rejected the application, citing that entertaining the objections would amount to 'Hydra propping'. The Appellant then filed an appeal before the NCLAT.
The National Company Law Tribunal, New Delhi,…
The Adjudicating…
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