The case involves an appeal against an order by the Adjudicating Authority that dismissed a plan approval application. The application had been approved by the Committee of Creditors (CoC) in 2020. Prior to this, the Adjudicating Authority had twice sent the matter back to the CoC, and the Appellate Tribunal had set aside the Adjudicating Authority's orders on 09.02.2023 and 18.12.2023, directing a hearing of the plan approval application. The Adjudicating Authority then rejected the plan approval application without providing appropriate reasons, potentially violating Section 30(2). The CoC had approved the resolution plan in its commercial wisdom.
Express Resorts & Hotels Ltd. filed an appeal against an order of the Adjudicating Authority that dismissed a plan approval application. The plan had been approved by the CoC in 2020. The Adjudicating Authority had previously sent the matter back to the CoC twice, and the Appellate Tribunal had set aside the Adjudicating Authority's orders on 09.02.2023 and 18.12.2023. The Adjudicating Authority then rejected the plan approval application without providing appropriate reasons, potentially violating Section 30(2). The CoC had approved the resolution plan in its commercial wisdom. The promoters have submitted another proposal under Section 12A for consideration by the CoC. The Financial Creditor has also appeared and submitted that they have also filed a Caveat.
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The Committee of…
The Appellate Tribunal…
The case involves an appeal against an order by the Adjudicating Authority that dismissed a plan approval application. The application had been approved by the Committee of Creditors (CoC) in 2020. Prior to this, the Adjudicating Authority had twice sent the matter back to the CoC, and the Appellate Tribunal had set aside the Adjudicating Authority's orders on 09.02.2023 and 18.12.2023, directing a hearing of the plan approval application. The Adjudicating Authority then rejected the plan approval application without providing appropriate reasons, potentially violating Section 30(2). The CoC had approved the resolution plan in its commercial wisdom.
Express Resorts & Hotels Ltd. filed an appeal against an order of the Adjudicating Authority that dismissed a plan approval application. The plan had been approved by the CoC in 2020. The Adjudicating Authority had previously sent the matter back to the CoC twice, and the Appellate Tribunal had set aside the Adjudicating Authority's orders on 09.02.2023 and 18.12.2023. The Adjudicating Authority then rejected the plan approval application without providing appropriate reasons, potentially violating Section 30(2). The CoC had approved the resolution plan in its commercial wisdom. The promoters have submitted another proposal under Section 12A for consideration by the CoC. The Financial Creditor has also appeared and submitted that they have also filed a Caveat.
The Committee of…
The Appellate Tribunal…