The case involves two company appeals, Company Appeal (AT) (CH) (Ins) No.309/2023 and Company Appeal (AT) (CH) (Ins) No. 321/2023, filed against the impugned orders in IA(IBC)/493/CHE/2023 and IA(IBC)/349(CHE)/2023 dated 25.08.2023 passed by the Adjudicating Authority / National Company Law Tribunal, Division Bench No.1, Chennai. The appeals challenge the approval of a Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016, submitted by the 3rd Respondent, the Successful Resolution Applicant (SRA), for GBJ Hotels Private Limited, the Corporate Debtor. The Appellants, suspended directors and shareholders of GBJ Hotels, raised objections regarding the constitution of the LLP, discrimination in payment to related parties, material irregularity in the
…GBJ Hotels Private Limited underwent Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) approved a Resolution Plan submitted by K.P. Advisory Services LLP. The Adjudicating Authority (National Company Law Tribunal, Chennai Bench) approved the Resolution Plan on 25.08.2023. Mr. G. Balasubramaniam and Mrs. B. Jeevarathinam, suspended directors and shareholders of GBJ Hotels, filed appeals challenging the approval. The Appellants argued that the Resolution Applicant, a Limited Liability Partnership (LLP), was not legally constituted, that the Resolution Plan undervalued the assets of the Corporate Debtor, that there was discriminatory treatment of operational creditors, and that there were material irregularities in the resolution process.
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The Adjudicating Authority passed the…
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The case involves two company appeals, Company Appeal (AT) (CH) (Ins) No.309/2023 and Company Appeal (AT) (CH) (Ins) No. 321/2023, filed against the impugned orders in IA(IBC)/493/CHE/2023 and IA(IBC)/349(CHE)/2023 dated 25.08.2023 passed by the Adjudicating Authority / National Company Law Tribunal, Division Bench No.1, Chennai. The appeals challenge the approval of a Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016, submitted by the 3rd Respondent, the Successful Resolution Applicant (SRA), for GBJ Hotels Private Limited, the Corporate Debtor. The Appellants, suspended directors and shareholders of GBJ Hotels, raised objections regarding the constitution of the LLP, discrimination in payment to related parties, material irregularity in the
…GBJ Hotels Private Limited underwent Corporate Insolvency Resolution Process (CIRP). The Committee of Creditors (CoC) approved a Resolution Plan submitted by K.P. Advisory Services LLP. The Adjudicating Authority (National Company Law Tribunal, Chennai Bench) approved the Resolution Plan on 25.08.2023. Mr. G. Balasubramaniam and Mrs. B. Jeevarathinam, suspended directors and shareholders of GBJ Hotels, filed appeals challenging the approval. The Appellants argued that the Resolution Applicant, a Limited Liability Partnership (LLP), was not legally constituted, that the Resolution Plan undervalued the assets of the Corporate Debtor, that there was discriminatory treatment of operational creditors, and that there were material irregularities in the resolution process.
…The Adjudicating Authority passed the…
The Corporate Debtor…