The case involves a challenge to the Impugned Orders dated 04.11.2019 & 11.11.2019 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Mumbai) in C.P. (IB) No. 2956/2018, whereby the Adjudicating Authority accorded approval to the Resolution Plan. The Appellants, who are Operational Creditors, filed MA 3432/2019 seeking intervention in the Application MA 3271/2019 preferred by the Resolution Professional seeking approval of the Resolution Plan. The Appellants contended that the Resolution Plan was discriminatory as it allocated only 1% of the total debt to them while allocating 100% to the Farmers. The Appellants argued that they were not given notices of the CoC meetings and were denied an opportunity to participate in the meetings.
The Appellants, being Operational Creditors of the Corporate Debtor, challenged the approval of the Resolution Plan by the Adjudicating Authority. The Corporate Debtor is a Sugar Industry, and the Farmers are an integral part of it. The Resolution Plan allocated only 1% of the total debt to the Appellants while allocating 100% to the Farmers. The Appellants contended that they were not given notices of the CoC meetings and were denied an opportunity to participate in the meetings. The Resolution Plan was unanimously approved by 100% vote of the Members of the CoC. The Resolution Applicant amended the nature of payment to the Farmers from upfront and cash payment of Rs.10 Crores/- and Redeemable Preference Shares of Rs.15 Crores/- to complete cash payment and even
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Impugned Orders passed…
Impugned Orders passed…
The case involves a challenge to the Impugned Orders dated 04.11.2019 & 11.11.2019 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Mumbai) in C.P. (IB) No. 2956/2018, whereby the Adjudicating Authority accorded approval to the Resolution Plan. The Appellants, who are Operational Creditors, filed MA 3432/2019 seeking intervention in the Application MA 3271/2019 preferred by the Resolution Professional seeking approval of the Resolution Plan. The Appellants contended that the Resolution Plan was discriminatory as it allocated only 1% of the total debt to them while allocating 100% to the Farmers. The Appellants argued that they were not given notices of the CoC meetings and were denied an opportunity to participate in the meetings.
The Appellants, being Operational Creditors of the Corporate Debtor, challenged the approval of the Resolution Plan by the Adjudicating Authority. The Corporate Debtor is a Sugar Industry, and the Farmers are an integral part of it. The Resolution Plan allocated only 1% of the total debt to the Appellants while allocating 100% to the Farmers. The Appellants contended that they were not given notices of the CoC meetings and were denied an opportunity to participate in the meetings. The Resolution Plan was unanimously approved by 100% vote of the Members of the CoC. The Resolution Applicant amended the nature of payment to the Farmers from upfront and cash payment of Rs.10 Crores/- and Redeemable Preference Shares of Rs.15 Crores/- to complete cash payment and even
…Impugned Orders passed…
Impugned Orders passed…