The case involves a Company Appeal against an order related to the Corporate Insolvency Resolution Process (CIRP) of Indu Projects Limited. Bank of India, as a financial creditor, initiated CIRP against Indu Projects Limited. Earthin Projects Limited, the appellant, submitted a resolution plan that was initially approved. However, disputes arose regarding the implementation of the plan, leading to multiple applications and appeals. The appellant failed to adhere to the timelines for payments, resulting in the Adjudicating Authority allowing a fresh CIRP. The appellant challenged this decision, leading to the current appeal.
Bank of India initiated CIRP against Indu Projects Limited. Earthin Projects Limited submitted a resolution plan approved on 2021-10-01, requiring a deposit of Rs. 501 Crores by 2022-01-23. Earthin Projects failed to meet this deadline, requesting a 60-day extension on 2022-01-21. The Adjudicating Authority granted a two-week extension on 2022-02-02. Earthin appealed to NCLAT, which granted a three-month extension on 2022-04-13. Despite this, Earthin failed to pay, leading to the Adjudicating Authority allowing a fresh CIRP on 2022-09-05. Earthin challenged this, but the NCLAT dismissed the appeal on 2022-11-25. A related appeal by an operational creditor, Vishal Nirmiti Pvt. Ltd., was dismissed by the Supreme Court on 2022-08-29. Earthin had only deposited Rs. 60
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Corporate Insolvency Resolution Process…
Resolution Plan submitted by Earthin Projects…
The case involves a Company Appeal against an order related to the Corporate Insolvency Resolution Process (CIRP) of Indu Projects Limited. Bank of India, as a financial creditor, initiated CIRP against Indu Projects Limited. Earthin Projects Limited, the appellant, submitted a resolution plan that was initially approved. However, disputes arose regarding the implementation of the plan, leading to multiple applications and appeals. The appellant failed to adhere to the timelines for payments, resulting in the Adjudicating Authority allowing a fresh CIRP. The appellant challenged this decision, leading to the current appeal.
Bank of India initiated CIRP against Indu Projects Limited. Earthin Projects Limited submitted a resolution plan approved on 2021-10-01, requiring a deposit of Rs. 501 Crores by 2022-01-23. Earthin Projects failed to meet this deadline, requesting a 60-day extension on 2022-01-21. The Adjudicating Authority granted a two-week extension on 2022-02-02. Earthin appealed to NCLAT, which granted a three-month extension on 2022-04-13. Despite this, Earthin failed to pay, leading to the Adjudicating Authority allowing a fresh CIRP on 2022-09-05. Earthin challenged this, but the NCLAT dismissed the appeal on 2022-11-25. A related appeal by an operational creditor, Vishal Nirmiti Pvt. Ltd., was dismissed by the Supreme Court on 2022-08-29. Earthin had only deposited Rs. 60
…Corporate Insolvency Resolution Process…
Resolution Plan submitted by Earthin Projects…