The appeal arises from an order dated June 11, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad, regarding I.A (I.B) No. 135 of 2018 and I.A. No. 136 of 2018 in C.P (I.B) No. 48/7/NCLT/AHM/2017. The Interlocutory Application preferred by ‘Alok Employees Benefit and Welfare Trust and Anr.' under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 has been allowed. The application preferred by the 'Resolution Professional' under Section 33(2) read with Section 60(5) of the 'I&B Code' has been disallowed with direction to the 'Resolution Professional' to present the ‘Resolution Plan’of the ‘Sole Resolution Applicant' before the ‘Committee of Creditors' for a re-look and for proper consideration.
The Appellant, ‘SICOM Limited', a ‘Financial Creditor', appealed against an order dated June 11, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad. The ‘Corporate Insolvency Resolution Process' was initiated against ‘Alok Employees Benefit and Welfare Trust' ('Corporate Debtor'). Before completion of the resolution period, the ‘Resolution Plan' submitted by ‘JM Financial Asset Reconstruction Company Limited' along with 'Reliance Industries Limited' was placed before the ‘Committee of Creditors' in its meeting held on April 14, 2018, and it received 70.28% assenting voting shares of the ‘Committee of Creditors'. 'Alok Employees Benefit and Welfare Trust & Anr.' filed Interlocutory Application (I.B) No. 135 of 2018 seeking approval
…Sign in to view the parties.
The ‘Resolution Plan' submitted by ‘JM…
The Adjudicating…
The appeal arises from an order dated June 11, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad, regarding I.A (I.B) No. 135 of 2018 and I.A. No. 136 of 2018 in C.P (I.B) No. 48/7/NCLT/AHM/2017. The Interlocutory Application preferred by ‘Alok Employees Benefit and Welfare Trust and Anr.' under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 has been allowed. The application preferred by the 'Resolution Professional' under Section 33(2) read with Section 60(5) of the 'I&B Code' has been disallowed with direction to the 'Resolution Professional' to present the ‘Resolution Plan’of the ‘Sole Resolution Applicant' before the ‘Committee of Creditors' for a re-look and for proper consideration.
The Appellant, ‘SICOM Limited', a ‘Financial Creditor', appealed against an order dated June 11, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad. The ‘Corporate Insolvency Resolution Process' was initiated against ‘Alok Employees Benefit and Welfare Trust' ('Corporate Debtor'). Before completion of the resolution period, the ‘Resolution Plan' submitted by ‘JM Financial Asset Reconstruction Company Limited' along with 'Reliance Industries Limited' was placed before the ‘Committee of Creditors' in its meeting held on April 14, 2018, and it received 70.28% assenting voting shares of the ‘Committee of Creditors'. 'Alok Employees Benefit and Welfare Trust & Anr.' filed Interlocutory Application (I.B) No. 135 of 2018 seeking approval
…The ‘Resolution Plan' submitted by ‘JM…
The Adjudicating…