The case involves two appeals against the Impugned Order dated 30th January 2020, passed by the Adjudicating Authority/National Company Law Tribunal, Cuttak Bench, Cuttak in Company Petition (IB) No.157/C.T.B./2019. The Adjudicating Authority approved the Resolution Plan filed by Respondent No.3, Sterlite Power Transmission Limited (SPTL). The appeals challenge the approval of the resolution plan, primarily on the grounds that it encompasses assets of third parties (including the Appellants) and not just the Corporate Debtor, violating the I&B Code, 2016. The Appellants also contend that the Resolution Plan does not factor in the value of shares of Facor Power Limited (FPL), a subsidiary and principal borrower, and that the plan extinguishes the bonafide claims of
…Facor Alloys Limited and Vineet Infin Private Limited filed appeals against the approval of a resolution plan for Ferro Alloys Corporation Limited (FACL). The resolution plan, approved by the Adjudicating Authority, was filed by Sterlite Power Transmission Limited (SPTL). The Appellants argued that the resolution plan was flawed because it included assets of a third party, Facor Power Limited (FPL), in which the Appellants held shares. They claimed the plan did not properly value FPL's shares and extinguished their claims against FPL. REC Ltd, Sterlite Power Transmission Ltd, and Ferro Alloys Corporation Ltd were respondents in the case. The Appellants contended that the resolution plan discriminated against dissenting financial creditors by offering them less
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The case involves two appeals against the Impugned Order dated 30th January 2020, passed by the Adjudicating Authority/National Company Law Tribunal, Cuttak Bench, Cuttak in Company Petition (IB) No.157/C.T.B./2019. The Adjudicating Authority approved the Resolution Plan filed by Respondent No.3, Sterlite Power Transmission Limited (SPTL). The appeals challenge the approval of the resolution plan, primarily on the grounds that it encompasses assets of third parties (including the Appellants) and not just the Corporate Debtor, violating the I&B Code, 2016. The Appellants also contend that the Resolution Plan does not factor in the value of shares of Facor Power Limited (FPL), a subsidiary and principal borrower, and that the plan extinguishes the bonafide claims of
…Facor Alloys Limited and Vineet Infin Private Limited filed appeals against the approval of a resolution plan for Ferro Alloys Corporation Limited (FACL). The resolution plan, approved by the Adjudicating Authority, was filed by Sterlite Power Transmission Limited (SPTL). The Appellants argued that the resolution plan was flawed because it included assets of a third party, Facor Power Limited (FPL), in which the Appellants held shares. They claimed the plan did not properly value FPL's shares and extinguished their claims against FPL. REC Ltd, Sterlite Power Transmission Ltd, and Ferro Alloys Corporation Ltd were respondents in the case. The Appellants contended that the resolution plan discriminated against dissenting financial creditors by offering them less
…The Adjudicating Authority/National Company Law…
The Appellant contends that it became aware of…