The case involves an appeal against an order by the National Company Law Tribunal (NCLT), Bengaluru Bench, which directed the appellant, Essel Finance Advisors and Managers LLP, along with other respondents, to contribute towards the liquidation process costs of the corporate debtor, Samruddhi Realty Limited. The initial corporate insolvency resolution process (CIRP) was initiated by Moonbeam Advisory Pvt. Ltd. against Samruddhi Realty Limited, which was later admitted by the NCLT. Due to the failure of resolution, the corporate debtor was ordered into liquidation, and a liquidator was appointed. The appellant, representing debenture holders, claimed to be a secured financial creditor who had opted out of the liquidation process to realize its security interest
…The case originates from the Corporate Insolvency Resolution Process (CIRP) initiated against Samruddhi Realty Limited, the 'Corporate Debtor', by Moonbeam Advisory Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted by the NCLT on April 16, 2019. Subsequently, due to the failure of the resolution process, the NCLT ordered the liquidation of the Corporate Debtor on March 13, 2020, and appointed a liquidator. Essel Finance Advisors and Managers LLP, the 'Appellant', representing debenture holders, had invested Rs. 55 crores in the Corporate Debtor by subscribing to 5500 redeemable secured non-convertible debentures. The Appellant, as a secured financial creditor, chose to stand outside the liquidation estate to realize its
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NCLT admits the Corporate Insolvency Resolution…
NCLT orders the…
The case involves an appeal against an order by the National Company Law Tribunal (NCLT), Bengaluru Bench, which directed the appellant, Essel Finance Advisors and Managers LLP, along with other respondents, to contribute towards the liquidation process costs of the corporate debtor, Samruddhi Realty Limited. The initial corporate insolvency resolution process (CIRP) was initiated by Moonbeam Advisory Pvt. Ltd. against Samruddhi Realty Limited, which was later admitted by the NCLT. Due to the failure of resolution, the corporate debtor was ordered into liquidation, and a liquidator was appointed. The appellant, representing debenture holders, claimed to be a secured financial creditor who had opted out of the liquidation process to realize its security interest
…The case originates from the Corporate Insolvency Resolution Process (CIRP) initiated against Samruddhi Realty Limited, the 'Corporate Debtor', by Moonbeam Advisory Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was admitted by the NCLT on April 16, 2019. Subsequently, due to the failure of the resolution process, the NCLT ordered the liquidation of the Corporate Debtor on March 13, 2020, and appointed a liquidator. Essel Finance Advisors and Managers LLP, the 'Appellant', representing debenture holders, had invested Rs. 55 crores in the Corporate Debtor by subscribing to 5500 redeemable secured non-convertible debentures. The Appellant, as a secured financial creditor, chose to stand outside the liquidation estate to realize its
…NCLT admits the Corporate Insolvency Resolution…
NCLT orders the…