The appeal arises from an order dated 09.08.2023 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-II) in I.A. No. 5617/ND/2022 in C.P. (IB) No. 1243(ND)/2018. The Adjudicating Authority approved the Resolution Plan of the Successful Resolution Applicant (SRA) and dismissed the objections raised by the erstwhile management of the Corporate Debtor. The Appellant, a member of the suspended Board of Director of the Corporate Debtor, preferred the present appeal. The Corporate Debtor, Medirad Tech India Ltd., was admitted into CIRP following the admission of a Section 7 application filed by India SME Assets Reconstruction Company Ltd. (ISARC) on 08.12.2021. The Interim Resolution Professional, later confirmed as the Resolution
…Medirad Tech India Ltd. was admitted into CIRP following a Section 7 application by India SME Assets Reconstruction Company Ltd. (ISARC) on 08.12.2021. The Resolution Professional (RP) formed a Committee of Creditors (CoC) with Technology Development Board (TDB) and ISARC. The RP received two resolution plans, and Asian Institute of Oncology Pvt. Ltd. (AIOPL) was selected as the Successful Resolution Applicant (SRA). The Adjudicating Authority approved the SRA's resolution plan, leading to an appeal by a member of the suspended Board of Directors. The Appellant claimed the RP favored secured Financial Creditors by inflating their claims and failed to disclose crucial information about the leasehold land. The Appellant also alleged that the valuation of the Corporate
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The appeal arises from an order dated 09.08.2023 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench-II) in I.A. No. 5617/ND/2022 in C.P. (IB) No. 1243(ND)/2018. The Adjudicating Authority approved the Resolution Plan of the Successful Resolution Applicant (SRA) and dismissed the objections raised by the erstwhile management of the Corporate Debtor. The Appellant, a member of the suspended Board of Director of the Corporate Debtor, preferred the present appeal. The Corporate Debtor, Medirad Tech India Ltd., was admitted into CIRP following the admission of a Section 7 application filed by India SME Assets Reconstruction Company Ltd. (ISARC) on 08.12.2021. The Interim Resolution Professional, later confirmed as the Resolution
…Medirad Tech India Ltd. was admitted into CIRP following a Section 7 application by India SME Assets Reconstruction Company Ltd. (ISARC) on 08.12.2021. The Resolution Professional (RP) formed a Committee of Creditors (CoC) with Technology Development Board (TDB) and ISARC. The RP received two resolution plans, and Asian Institute of Oncology Pvt. Ltd. (AIOPL) was selected as the Successful Resolution Applicant (SRA). The Adjudicating Authority approved the SRA's resolution plan, leading to an appeal by a member of the suspended Board of Directors. The Appellant claimed the RP favored secured Financial Creditors by inflating their claims and failed to disclose crucial information about the leasehold land. The Appellant also alleged that the valuation of the Corporate
…Case number assigned to…
Medirad Tech India Ltd. admitted into…