The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order dated December 20, 2022, passed by the Adjudicating Authority (NCLT, Ahmedabad Bench, Court-II). The impugned order allowed I.A. No. 358 of 2020, which approved the resolution plan submitted by Sudeep Dasani (Respondent No. 5) for the Corporate Debtor, M/s Care Office Equipment Ltd. The appellants, being personal guarantors, were aggrieved by this approval.
The Corporate Debtor, M/s Care Office Equipment Ltd., was admitted into Corporate Insolvency Resolution Process (CIRP) on May 29, 2019, following an application filed by an operational creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016. Subsequently, the Resolution Professional constituted the Committee of Creditors (CoC), published Form G, and invited Expressions of Interest (EOI) on August 14, 2019. The CoC was later reconstituted on November 21, 2019, with four members: SBI (26.37%), Bank of India (56.82%), Canara Bank (16.50%), and American Express (0.31%). During the CIRP, the 4th CoC meeting on October 23, 2019, approved a 90-day extension of the CIRP, which the Adjudicating Authority sanctioned on December 3, 2019. The 6th CoC meeting on
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Corporate Debtor, M/s Care Office Equipment…
Form G was published,…
The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order dated December 20, 2022, passed by the Adjudicating Authority (NCLT, Ahmedabad Bench, Court-II). The impugned order allowed I.A. No. 358 of 2020, which approved the resolution plan submitted by Sudeep Dasani (Respondent No. 5) for the Corporate Debtor, M/s Care Office Equipment Ltd. The appellants, being personal guarantors, were aggrieved by this approval.
The Corporate Debtor, M/s Care Office Equipment Ltd., was admitted into Corporate Insolvency Resolution Process (CIRP) on May 29, 2019, following an application filed by an operational creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016. Subsequently, the Resolution Professional constituted the Committee of Creditors (CoC), published Form G, and invited Expressions of Interest (EOI) on August 14, 2019. The CoC was later reconstituted on November 21, 2019, with four members: SBI (26.37%), Bank of India (56.82%), Canara Bank (16.50%), and American Express (0.31%). During the CIRP, the 4th CoC meeting on October 23, 2019, approved a 90-day extension of the CIRP, which the Adjudicating Authority sanctioned on December 3, 2019. The 6th CoC meeting on
…Corporate Debtor, M/s Care Office Equipment…
Form G was published,…