The appeal was filed under Section 61 of the I&B Code, 2016 against an order dated 31.03.2023 passed by the NCLT, Mumbai Bench, rejecting the appellant's application and allowing the respondent's application for approval of a resolution plan.
IFCI Ltd granted financial assistance of Rs. 50 Crores to M/s Heera Constructions Company Pvt. Ltd. (Corporate Debtor) via a Corporate Loan Agreement.
The loan was secured by various mortgages, including land at Attipra Village and Poonithura Village.
The Corporate Debtor defaulted, leading to the filing of a petition under Section 7 of IBC by IFCI Ltd, which was admitted by NCLT, Mumbai on 27.03.2019.
The Committee of Creditors (CoC) comprised primarily of home buyers (73.13% voting share) and IFCI Ltd (20.55% voting share).
The CoC approved a Resolution Plan submitted by the Successful Resolution Applicant with 74.19% voting share, but IFCI Ltd dissented.
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Company Petition…
Petition admi…
The appeal was filed under Section 61 of the I&B Code, 2016 against an order dated 31.03.2023 passed by the NCLT, Mumbai Bench, rejecting the appellant's application and allowing the respondent's application for approval of a resolution plan.
IFCI Ltd granted financial assistance of Rs. 50 Crores to M/s Heera Constructions Company Pvt. Ltd. (Corporate Debtor) via a Corporate Loan Agreement.
The loan was secured by various mortgages, including land at Attipra Village and Poonithura Village.
The Corporate Debtor defaulted, leading to the filing of a petition under Section 7 of IBC by IFCI Ltd, which was admitted by NCLT, Mumbai on 27.03.2019.
The Committee of Creditors (CoC) comprised primarily of home buyers (73.13% voting share) and IFCI Ltd (20.55% voting share).
The CoC approved a Resolution Plan submitted by the Successful Resolution Applicant with 74.19% voting share, but IFCI Ltd dissented.
…Company Petition…
Petition admi…