Jaldhara Properties and Trading Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) as an unsecured financial creditor. While this application was pending, Sudal Industries Limited, the Corporate Debtor, initiated Pre-Packaged Insolvency Resolution Process (PPIRP) under Section 54(C) of the IBC. The Tribunal admitted the application under Section 54(C), overruling Jaldhara's objection based on Section 11A(4) of the IBC. Jaldhara challenged this decision, arguing that its prior Section 7 application should have been considered first. The Resolution Professional (RP) also filed an application for approval of the resolution plan, which was approved by the Tribunal.
Jaldhara Properties and Trading Pvt. Ltd. (Appellant) filed a Section 7 application on 2020-12-09, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sudal Industries Limited (Corporate Debtor) for an amount of Rs. 9,63,75,010. While this application was pending, the Insolvency and Bankruptcy Code (IBC) was amended in 2021, introducing Section 11A. Subsequently, the Corporate Debtor filed an application under Section 54(C) of the IBC for Pre-Packaged Insolvency Resolution Process (PPIRP) on 2022-09-04. The Tribunal admitted the Section 54(C) application and initiated PPIRP, overruling the Appellant's objection based on Section 11A(4). The Appellant challenged this decision, arguing that its prior Section 7 application should have been considered
…Sign in to view the parties.
Jaldhara Properties and…
The Insolvency and…
Sign in to view related legal provisions.
Jaldhara Properties and Trading Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) as an unsecured financial creditor. While this application was pending, Sudal Industries Limited, the Corporate Debtor, initiated Pre-Packaged Insolvency Resolution Process (PPIRP) under Section 54(C) of the IBC. The Tribunal admitted the application under Section 54(C), overruling Jaldhara's objection based on Section 11A(4) of the IBC. Jaldhara challenged this decision, arguing that its prior Section 7 application should have been considered first. The Resolution Professional (RP) also filed an application for approval of the resolution plan, which was approved by the Tribunal.
Jaldhara Properties and Trading Pvt. Ltd. (Appellant) filed a Section 7 application on 2020-12-09, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sudal Industries Limited (Corporate Debtor) for an amount of Rs. 9,63,75,010. While this application was pending, the Insolvency and Bankruptcy Code (IBC) was amended in 2021, introducing Section 11A. Subsequently, the Corporate Debtor filed an application under Section 54(C) of the IBC for Pre-Packaged Insolvency Resolution Process (PPIRP) on 2022-09-04. The Tribunal admitted the Section 54(C) application and initiated PPIRP, overruling the Appellant's objection based on Section 11A(4). The Appellant challenged this decision, arguing that its prior Section 7 application should have been considered
…Jaldhara Properties and…
The Insolvency and…
Sign in to view related legal provisions.