The appeal was filed against an order dated 25.01.2022 by the Adjudicating Authority in I.A. No. 2510/2021, which allowed an application for liquidation. The appellant submitted a revised resolution plan on 07.02.2022, which was considered by the CoC on 11.02.2022. The CoC directed the Resolution Professional to file an application before the Adjudicating Authority seeking reconsideration of the Resolution Plan. I.A. No. 402/2022 was filed by the Resolution Professional for reconsideration. The appellant requested the court not to pass any order of liquidation as the application for reconsideration was pending. The counsel for Kotak Mahindra Bank objected to the CoC reconsidering the revised plan, citing the expired timeline. The CoC authorized the Resolution
…Finquest Financial Solutions Pvt. Ltd. filed an appeal against an order dated 25.01.2022, where the Adjudicating Authority allowed an application for liquidation. Anuj Jain, the Erstwhile RP of Ballarpur Industries Ltd., was the respondent. The appellant submitted a revised resolution plan on 07.02.2022, which was considered by the CoC on 11.02.2022. The CoC directed the Resolution Professional to file an application before the Adjudicating Authority seeking reconsideration of the Resolution Plan. Kotak Mahindra Bank, holding only 4.62% of the voting share, objected to the reconsideration. I.A. No. 402, filed for reconsideration, was dismissed on 21.02.2022 as the liquidation order had already passed. The court stayed the liquidation order and directed the CoC to
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The appeal was filed against an order dated 25.01.2022 by the Adjudicating Authority in I.A. No. 2510/2021, which allowed an application for liquidation. The appellant submitted a revised resolution plan on 07.02.2022, which was considered by the CoC on 11.02.2022. The CoC directed the Resolution Professional to file an application before the Adjudicating Authority seeking reconsideration of the Resolution Plan. I.A. No. 402/2022 was filed by the Resolution Professional for reconsideration. The appellant requested the court not to pass any order of liquidation as the application for reconsideration was pending. The counsel for Kotak Mahindra Bank objected to the CoC reconsidering the revised plan, citing the expired timeline. The CoC authorized the Resolution
…Finquest Financial Solutions Pvt. Ltd. filed an appeal against an order dated 25.01.2022, where the Adjudicating Authority allowed an application for liquidation. Anuj Jain, the Erstwhile RP of Ballarpur Industries Ltd., was the respondent. The appellant submitted a revised resolution plan on 07.02.2022, which was considered by the CoC on 11.02.2022. The CoC directed the Resolution Professional to file an application before the Adjudicating Authority seeking reconsideration of the Resolution Plan. Kotak Mahindra Bank, holding only 4.62% of the voting share, objected to the reconsideration. I.A. No. 402, filed for reconsideration, was dismissed on 21.02.2022 as the liquidation order had already passed. The court stayed the liquidation order and directed the CoC to
…Adjudicating Authority passed an order in I.A.…
The Appellant submitted…
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