The case involves two appeals (Company Appeal (AT)(Ins) No.839/2022 and No.861/2022) arising from the same order dated 29.06.2022 passed by the Adjudicating Authority, NCLT, Kolkata Bench. The appeals concern the approval of a resolution plan for Castal Extrusion Pvt Ltd, a corporate debtor. The appellants in No.839/2022 are suspended directors of the corporate debtor, while the appellant in No.861/2022 claims to be a tenant of a major portion of the corporate debtor's land. The resolution plan submitted by Respondent No.2, Square Four Housing and Infrastructure Development Pvt Ltd, was approved, leading to these appeals.
Castal Extrusion Pvt Ltd (CEPL) provided a corporate guarantee to Vijaya Bank (now Bank of Baroda) for a loan availed by Tantia Construction Pvt Ltd (TCL) in 2013. CEPL also furnished industrial land as security. In 2014, TCL's account was declared NPA. Harshvardhan Tantia, holding 6.22% shares in CEPL, became a director of T-RMC Pvt Ltd, and CEPL entered into an unregistered lease agreement with T-RMC, creating leasehold rights over a portion of the land. Vijaya Bank issued a notice under SARFAESI Act for enforcement of security interest. In 2018, Vijaya Bank invoked the bank guarantee against CEPL. CEPL entered into another unregistered rent agreement with T-RMC in 2019. Vijaya Bank filed an application under Section 7 of IBC in 2018, which was admitted in 2020,
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Castal Extrusion Pvt LTD (CEPL/CD) provided…
The loan account of TCL…
The case involves two appeals (Company Appeal (AT)(Ins) No.839/2022 and No.861/2022) arising from the same order dated 29.06.2022 passed by the Adjudicating Authority, NCLT, Kolkata Bench. The appeals concern the approval of a resolution plan for Castal Extrusion Pvt Ltd, a corporate debtor. The appellants in No.839/2022 are suspended directors of the corporate debtor, while the appellant in No.861/2022 claims to be a tenant of a major portion of the corporate debtor's land. The resolution plan submitted by Respondent No.2, Square Four Housing and Infrastructure Development Pvt Ltd, was approved, leading to these appeals.
Castal Extrusion Pvt Ltd (CEPL) provided a corporate guarantee to Vijaya Bank (now Bank of Baroda) for a loan availed by Tantia Construction Pvt Ltd (TCL) in 2013. CEPL also furnished industrial land as security. In 2014, TCL's account was declared NPA. Harshvardhan Tantia, holding 6.22% shares in CEPL, became a director of T-RMC Pvt Ltd, and CEPL entered into an unregistered lease agreement with T-RMC, creating leasehold rights over a portion of the land. Vijaya Bank issued a notice under SARFAESI Act for enforcement of security interest. In 2018, Vijaya Bank invoked the bank guarantee against CEPL. CEPL entered into another unregistered rent agreement with T-RMC in 2019. Vijaya Bank filed an application under Section 7 of IBC in 2018, which was admitted in 2020,
…Castal Extrusion Pvt LTD (CEPL/CD) provided…
The loan account of TCL…