This appeal arises from an order dated September 23, 2022, passed by the National Company Law Tribunal (NCLT), Kolkata, which rejected Hari Vitthal Mission's (Appellant) application challenging the Resolution Professional's (Respondent No. 1) decision to classify the Appellant as a 'related party' of Suasth Healthcare Foundation (Corporate Debtor). This classification led to the Appellant's removal from the Committee of Creditors (CoC). The core issue revolves around whether the Appellant, Hari Vitthal Mission, is indeed a 'related party' of the Corporate Debtor, Suasth Healthcare Foundation, based on its connections with Kanoria Foundation.
In October 2017, Suasth Healthcare Foundation (Corporate Debtor) approached Hari Vitthal Mission (Appellant) to raise Rs. 44.2 crore to support the construction of a hospital. An agreement was signed on October 10, 2017, where the Appellant committed to provide financial assistance. The Appellant also provided Rs. 50 crore as an interest-free refundable security deposit. The Corporate Debtor defaulted on its obligations, leading to the termination of the agreement. The Corporate Debtor filed an application under Section 10 of the IBC, 2016, initiating a voluntary insolvency resolution process. The NCLT, Kolkata Bench, admitted the application on August 31, 2021. The Appellant submitted a claim of Rs. 62,16,33,563 as a financial creditor, which was verified and
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Suasth Healthcare Foundation (CD) approached…
An agreement was signed between CD and…
This appeal arises from an order dated September 23, 2022, passed by the National Company Law Tribunal (NCLT), Kolkata, which rejected Hari Vitthal Mission's (Appellant) application challenging the Resolution Professional's (Respondent No. 1) decision to classify the Appellant as a 'related party' of Suasth Healthcare Foundation (Corporate Debtor). This classification led to the Appellant's removal from the Committee of Creditors (CoC). The core issue revolves around whether the Appellant, Hari Vitthal Mission, is indeed a 'related party' of the Corporate Debtor, Suasth Healthcare Foundation, based on its connections with Kanoria Foundation.
In October 2017, Suasth Healthcare Foundation (Corporate Debtor) approached Hari Vitthal Mission (Appellant) to raise Rs. 44.2 crore to support the construction of a hospital. An agreement was signed on October 10, 2017, where the Appellant committed to provide financial assistance. The Appellant also provided Rs. 50 crore as an interest-free refundable security deposit. The Corporate Debtor defaulted on its obligations, leading to the termination of the agreement. The Corporate Debtor filed an application under Section 10 of the IBC, 2016, initiating a voluntary insolvency resolution process. The NCLT, Kolkata Bench, admitted the application on August 31, 2021. The Appellant submitted a claim of Rs. 62,16,33,563 as a financial creditor, which was verified and
…Suasth Healthcare Foundation (CD) approached…
An agreement was signed between CD and…