The appeal was filed challenging the order dated 26.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – III) in I.A.1370/2021 filed by the Appellant in C.P. (IB) No. 3622(MB)/2018. The Adjudicating Authority dismissed the I.A.1370/2021, leading to the appeal. The corporate insolvency resolution process (CIRP) of Unimetal Castings Limited (UCL) was initiated based on an application filed by TJSB Sahakari Bank Ltd. The Committee of Creditors (CoC) was formed, and a resolution plan was submitted by one of the promoters. The appellant, Globomet Engineering Private Limited, an investment vehicle set up to support the revival of UCL and JDECL, entered into a Memorandum of Understanding (MoU) with the CoC. Disputes arose
…1. TJSB Sahakari Bank Ltd. initiated CIRP against Unimetal Castings Limited (UCL) under Section 7 of IBC.
2. An order dated 25.01.2019 admitted the application, declaring a default of ₹6,38,78,417/-, and appointed Tejas Jatin Parikh as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP).
3. The IRP made a public announcement, and a Committee of Creditors (CoC) was formed, including TJSB Sahakari Bank Ltd., Reliance Asset Reconstruction Company Ltd., and Mahindra & Mahindra Financial Services Ltd.
4. On 15.07.2019, the CoC unanimously voted for the liquidation of the Corporate Debtor.
5. Respondent No. 4, a promoter and executive director of the Corporate Debtor and Joshi Deodhar Engineering Company Limited (JDECL), communicated
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CIRP initiated against…
Application admitted,…
The appeal was filed challenging the order dated 26.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court – III) in I.A.1370/2021 filed by the Appellant in C.P. (IB) No. 3622(MB)/2018. The Adjudicating Authority dismissed the I.A.1370/2021, leading to the appeal. The corporate insolvency resolution process (CIRP) of Unimetal Castings Limited (UCL) was initiated based on an application filed by TJSB Sahakari Bank Ltd. The Committee of Creditors (CoC) was formed, and a resolution plan was submitted by one of the promoters. The appellant, Globomet Engineering Private Limited, an investment vehicle set up to support the revival of UCL and JDECL, entered into a Memorandum of Understanding (MoU) with the CoC. Disputes arose
…1. TJSB Sahakari Bank Ltd. initiated CIRP against Unimetal Castings Limited (UCL) under Section 7 of IBC.
2. An order dated 25.01.2019 admitted the application, declaring a default of ₹6,38,78,417/-, and appointed Tejas Jatin Parikh as the Interim Resolution Professional (IRP), later confirmed as Resolution Professional (RP).
3. The IRP made a public announcement, and a Committee of Creditors (CoC) was formed, including TJSB Sahakari Bank Ltd., Reliance Asset Reconstruction Company Ltd., and Mahindra & Mahindra Financial Services Ltd.
4. On 15.07.2019, the CoC unanimously voted for the liquidation of the Corporate Debtor.
5. Respondent No. 4, a promoter and executive director of the Corporate Debtor and Joshi Deodhar Engineering Company Limited (JDECL), communicated
CIRP initiated against…
Application admitted,…