The case involves two appeals (Company Appeal (AT) (Insolvency) No.650 of 2023 and Company Appeal (AT) (Insolvency) No.657 of 2023) filed against the same order passed by the Adjudicating Authority on March 15, 2023, which allowed the application filed by the Resolution Professional for liquidation. The appellants, who are resolution applicants, claim their plans were not approved, and a liquidation order was passed. They were willing to offer a higher value than the liquidation value. The Committee of Creditors (CoC) stated that the plans were not approved with 100% votes, and an auction notice for sale as a going concern was issued.
The Adjudicating Authority passed an order on March 15, 2023, allowing the application filed by the Resolution Professional for liquidation. Two appeals, Company Appeal (AT) (Insolvency) No.650 of 2023 and Company Appeal (AT) (Insolvency) No.657 of 2023, were filed against this order. The appellants in both appeals are resolution applicants whose plans were not approved. They claimed they were willing to offer a higher value than the liquidation value. The CoC stated that the plans were not approved with 100% votes, and an auction notice for sale as a going concern was issued. Mr. Harish Manocha submitted a revised offer along with EMD. The CoC filed an affidavit stating that the offer made by Appellant 1 is acceptable if the Appellate Tribunal permits the withdrawal
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The Adjudicating Authority passed an order…
Learned Counsel for the Appellant submits…
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The case involves two appeals (Company Appeal (AT) (Insolvency) No.650 of 2023 and Company Appeal (AT) (Insolvency) No.657 of 2023) filed against the same order passed by the Adjudicating Authority on March 15, 2023, which allowed the application filed by the Resolution Professional for liquidation. The appellants, who are resolution applicants, claim their plans were not approved, and a liquidation order was passed. They were willing to offer a higher value than the liquidation value. The Committee of Creditors (CoC) stated that the plans were not approved with 100% votes, and an auction notice for sale as a going concern was issued.
The Adjudicating Authority passed an order on March 15, 2023, allowing the application filed by the Resolution Professional for liquidation. Two appeals, Company Appeal (AT) (Insolvency) No.650 of 2023 and Company Appeal (AT) (Insolvency) No.657 of 2023, were filed against this order. The appellants in both appeals are resolution applicants whose plans were not approved. They claimed they were willing to offer a higher value than the liquidation value. The CoC stated that the plans were not approved with 100% votes, and an auction notice for sale as a going concern was issued. Mr. Harish Manocha submitted a revised offer along with EMD. The CoC filed an affidavit stating that the offer made by Appellant 1 is acceptable if the Appellate Tribunal permits the withdrawal
…The Adjudicating Authority passed an order…
Learned Counsel for the Appellant submits…
Sign in to view related legal provisions.