Express Resorts and Hotels Limited (Successful Resolution Applicant - SRA) filed an appeal against the National Company Law Tribunal (NCLT), Ahmedabad Bench's judgment dated 04.03.2024. The NCLT order rejected the resolution plan for Neesa Leisure Limited (Corporate Debtor), which had been approved by the Committee of Creditors (CoC), primarily on the ground of non-compliance with Section 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016). This case represents the third round of litigation concerning the Corporate Insolvency Resolution Process (CIRP) of Neesa Leisure Limited. Previous NCLT orders allowing for fresh resolution plans were set aside by the National Company Law Appellate Tribunal (NCLAT) and upheld by the Supreme Court, directing the NCLT to
…The National Company Law Tribunal (NCLT), Ahmedabad Bench, passed a judgment dated 04.03.2024 in IA No. 851 of 2020 in C.P. (IB) No. 127 of 2017.
The NCLT judgment rejected the resolution plan submitted by Express Resorts and Hotels Limited (Appellant/SRA) for Neesa Leisure Limited (Corporate Debtor).
The resolution plan had been approved by the Committee of Creditors (CoC) with a 67.85% voting share on 24.10.2020.
The NCLT rejected the plan primarily for alleged non-compliance with Section 31(1) of the IBC, 2016.
This appeal marks the third round of litigation related to the Corporate Insolvency Resolution Process (CIRP) of Neesa Leisure Limited.
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C.P. (IB) No. 127 of…
The Corporate Debtor, Neesa Leisure Limited,…
Express Resorts and Hotels Limited (Successful Resolution Applicant - SRA) filed an appeal against the National Company Law Tribunal (NCLT), Ahmedabad Bench's judgment dated 04.03.2024. The NCLT order rejected the resolution plan for Neesa Leisure Limited (Corporate Debtor), which had been approved by the Committee of Creditors (CoC), primarily on the ground of non-compliance with Section 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016). This case represents the third round of litigation concerning the Corporate Insolvency Resolution Process (CIRP) of Neesa Leisure Limited. Previous NCLT orders allowing for fresh resolution plans were set aside by the National Company Law Appellate Tribunal (NCLAT) and upheld by the Supreme Court, directing the NCLT to
…The National Company Law Tribunal (NCLT), Ahmedabad Bench, passed a judgment dated 04.03.2024 in IA No. 851 of 2020 in C.P. (IB) No. 127 of 2017.
The NCLT judgment rejected the resolution plan submitted by Express Resorts and Hotels Limited (Appellant/SRA) for Neesa Leisure Limited (Corporate Debtor).
The resolution plan had been approved by the Committee of Creditors (CoC) with a 67.85% voting share on 24.10.2020.
The NCLT rejected the plan primarily for alleged non-compliance with Section 31(1) of the IBC, 2016.
This appeal marks the third round of litigation related to the Corporate Insolvency Resolution Process (CIRP) of Neesa Leisure Limited.
…C.P. (IB) No. 127 of…
The Corporate Debtor, Neesa Leisure Limited,…