The case involves three appeals arising from the acceptance of a Resolution Plan approved for M/s Kridhan Infrastructure Pvt. Ltd. concerning the Corporate Debtor, Tecpro Systems Ltd. The Impugned order approving the Resolution Plan was dated 2019-05-15. During the pendency of these appeals, an application was filed under Section 60(5) read with Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Adjudicating Authority ordered the liquidation of the Corporate Debtor on 2020-01-16.
The appeals originated from the approval of a Resolution Plan for Tecpro Systems Ltd. by M/s Kridhan Infrastructure Pvt. Ltd. The initial order approving the Resolution Plan was issued on 2019-05-15. Subsequently, during the appeals' pendency, an application under Section 60(5) read with Section 33 of the IBC was filed. The Adjudicating Authority then ordered the liquidation of Tecpro Systems Ltd. on 2020-01-16. This liquidation order led the NCLAT to consider the appeals as infructuous, as the underlying Resolution Plan was superseded by the liquidation proceedings. The key fact is the supervening event of liquidation, which rendered the appeals related to the Resolution Plan moot.
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Order approving the…
The Adjudicating…
The case involves three appeals arising from the acceptance of a Resolution Plan approved for M/s Kridhan Infrastructure Pvt. Ltd. concerning the Corporate Debtor, Tecpro Systems Ltd. The Impugned order approving the Resolution Plan was dated 2019-05-15. During the pendency of these appeals, an application was filed under Section 60(5) read with Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Adjudicating Authority ordered the liquidation of the Corporate Debtor on 2020-01-16.
The appeals originated from the approval of a Resolution Plan for Tecpro Systems Ltd. by M/s Kridhan Infrastructure Pvt. Ltd. The initial order approving the Resolution Plan was issued on 2019-05-15. Subsequently, during the appeals' pendency, an application under Section 60(5) read with Section 33 of the IBC was filed. The Adjudicating Authority then ordered the liquidation of Tecpro Systems Ltd. on 2020-01-16. This liquidation order led the NCLAT to consider the appeals as infructuous, as the underlying Resolution Plan was superseded by the liquidation proceedings. The key fact is the supervening event of liquidation, which rendered the appeals related to the Resolution Plan moot.
Order approving the…
The Adjudicating…