The case involves three appeals filed against the same order dated 14.05.2024 by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench, Court II) approving the resolution plan submitted by M/s. Max Heights Infrastructure Limited, the Successful Resolution Applicant (SRA). The appellants, unsecured financial creditors of the corporate debtor, are aggrieved by the approval of the resolution plan. The CIRP was initiated against Suman Vilas Private Ltd. on 08.04.2022, following a Section 7 application filed by allottees of a housing project. Claims were filed by DKY Finance Private Limited and others. The Resolution Professional (RP) published a list of unsecured financial creditors on 25.06.2022, including the appellants. The Committee of Creditors
…The appeals were filed against the approval of a resolution plan for Suman Vilas Private Ltd. The CIRP was initiated on 08.04.2022, following a Section 7 application by allottees. DKY Finance Private Limited and others filed claims as financial creditors. The RP published a list of unsecured financial creditors on 25.06.2022. The CoC approved the resolution plan with 85.56% voting share. The Adjudicating Authority approved the plan on 14.05.2024. The appellants, unsecured financial creditors, challenged the approval, arguing that the plan was approved after the CIRP period expired and that the allocation of amounts to them was insufficient. They also contended that the liquidation value of the corporate debtor was higher than the value proposed in the resolution plan.
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Corporate Insolvency Resolution Process (CIRP)…
In pursuance of publication made by Interim…
The case involves three appeals filed against the same order dated 14.05.2024 by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench, Court II) approving the resolution plan submitted by M/s. Max Heights Infrastructure Limited, the Successful Resolution Applicant (SRA). The appellants, unsecured financial creditors of the corporate debtor, are aggrieved by the approval of the resolution plan. The CIRP was initiated against Suman Vilas Private Ltd. on 08.04.2022, following a Section 7 application filed by allottees of a housing project. Claims were filed by DKY Finance Private Limited and others. The Resolution Professional (RP) published a list of unsecured financial creditors on 25.06.2022, including the appellants. The Committee of Creditors
…The appeals were filed against the approval of a resolution plan for Suman Vilas Private Ltd. The CIRP was initiated on 08.04.2022, following a Section 7 application by allottees. DKY Finance Private Limited and others filed claims as financial creditors. The RP published a list of unsecured financial creditors on 25.06.2022. The CoC approved the resolution plan with 85.56% voting share. The Adjudicating Authority approved the plan on 14.05.2024. The appellants, unsecured financial creditors, challenged the approval, arguing that the plan was approved after the CIRP period expired and that the allocation of amounts to them was insufficient. They also contended that the liquidation value of the corporate debtor was higher than the value proposed in the resolution plan.
…Corporate Insolvency Resolution Process (CIRP)…
In pursuance of publication made by Interim…