The case involves an appeal against an order dated 05.09.2022 passed by the Adjudicating Authority/National Company Law Tribunal, Hyderabad Bench-II, which dismissed a petition filed under the Insolvency & Bankruptcy Code, 2016. Earthin Projects Ltd., the Appellant, was the successful resolution applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated against Indu Projects Ltd. based on an application by the Bank of India. The Appellant's resolution plan was approved by the Committee of Creditors (CoC), but the Appellant failed to make payments within the stipulated time due to post-COVID-19 circumstances and other delays. The Adjudicating Authority rejected the Appellant's request for an extension of time, leading to the impugned order.
Earthin Projects Limited (Appellant) was the successful resolution applicant for Indu Projects Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated against Indu Projects Limited based on an application by the Bank of India. The Committee of Creditors (CoC) approved the resolution plan submitted by the Appellant, which involved a settlement amount of Rs. 501 crores and an additional working capital infusion of Rs. 40 crores. The effective date of the resolution plan was defined as the date of approval by the Adjudicating Authority, which was 01.10.2021. The Appellant failed to make payments within the stipulated 90-day period, citing post-COVID-19 circumstances and delayed disbursement of funds. The Appellant requested an
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Corporate Insolvency…
Mr. Gopi Krishna…
The case involves an appeal against an order dated 05.09.2022 passed by the Adjudicating Authority/National Company Law Tribunal, Hyderabad Bench-II, which dismissed a petition filed under the Insolvency & Bankruptcy Code, 2016. Earthin Projects Ltd., the Appellant, was the successful resolution applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated against Indu Projects Ltd. based on an application by the Bank of India. The Appellant's resolution plan was approved by the Committee of Creditors (CoC), but the Appellant failed to make payments within the stipulated time due to post-COVID-19 circumstances and other delays. The Adjudicating Authority rejected the Appellant's request for an extension of time, leading to the impugned order.
Earthin Projects Limited (Appellant) was the successful resolution applicant for Indu Projects Limited (Corporate Debtor). The Corporate Insolvency Resolution Process (CIRP) was initiated against Indu Projects Limited based on an application by the Bank of India. The Committee of Creditors (CoC) approved the resolution plan submitted by the Appellant, which involved a settlement amount of Rs. 501 crores and an additional working capital infusion of Rs. 40 crores. The effective date of the resolution plan was defined as the date of approval by the Adjudicating Authority, which was 01.10.2021. The Appellant failed to make payments within the stipulated 90-day period, citing post-COVID-19 circumstances and delayed disbursement of funds. The Appellant requested an
…Corporate Insolvency…
Mr. Gopi Krishna…