This appeal was filed by Mr. Jagmeet Singh Sabharwal & Ors. (Successful Resolution Applicant) against a part of the order dated 19th February, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The order pertained to M.A. No. 1039/2018 in C.P. (I.B.)-1686(MB)/2017, which approved the resolution plan submitted by the Appellant with certain modifications. The modifications included a restriction on the waiver of liabilities to only those government liabilities ascertained and crystallized as of the CIRP commencement date. The Appellant contested the addition of Rs. 14 Crores towards additional Government Dues.
Mr. Jagmeet Singh Sabharwal & Ors. filed an appeal against the order of the Adjudicating Authority (NCLT), Mumbai Bench, which approved a resolution plan with modifications. The key facts are:
1. The resolution plan submitted by the Appellant was approved with modifications.
2. The modifications included restricting the waiver of liabilities to government liabilities ascertained and crystallized as of the CIRP commencement date.
3. The Appellant contested the addition of Rs. 14 Crores towards additional Government Dues, arguing it was not in the Information Memorandum.
4. The Adjudicating Authority held that the resolution applicant had a nexus with the 'Corporate Debtor'.
5. Fouress Engineering (India) Pvt. Ltd., also a shareholder of the 'Corporate Debtor', filed
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The Adjudicating Authority (National Company Law…
Mr. Jagmeet Singh Sabharwal & Ors. filed an…
This appeal was filed by Mr. Jagmeet Singh Sabharwal & Ors. (Successful Resolution Applicant) against a part of the order dated 19th February, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench. The order pertained to M.A. No. 1039/2018 in C.P. (I.B.)-1686(MB)/2017, which approved the resolution plan submitted by the Appellant with certain modifications. The modifications included a restriction on the waiver of liabilities to only those government liabilities ascertained and crystallized as of the CIRP commencement date. The Appellant contested the addition of Rs. 14 Crores towards additional Government Dues.
Mr. Jagmeet Singh Sabharwal & Ors. filed an appeal against the order of the Adjudicating Authority (NCLT), Mumbai Bench, which approved a resolution plan with modifications. The key facts are:
1. The resolution plan submitted by the Appellant was approved with modifications.
2. The modifications included restricting the waiver of liabilities to government liabilities ascertained and crystallized as of the CIRP commencement date.
3. The Appellant contested the addition of Rs. 14 Crores towards additional Government Dues, arguing it was not in the Information Memorandum.
4. The Adjudicating Authority held that the resolution applicant had a nexus with the 'Corporate Debtor'.
5. Fouress Engineering (India) Pvt. Ltd., also a shareholder of the 'Corporate Debtor', filed
The Adjudicating Authority (National Company Law…
Mr. Jagmeet Singh Sabharwal & Ors. filed an…