The case involves an appeal against an order approving a Resolution Plan under the Insolvency and Bankruptcy Code (IBC). The Appellant, an Operational Creditor of the Corporate Debtor (Asian Color Coated Ispat Ltd.), challenged the inclusion of a mortgaged property in the Resolution Plan. The property was mortgaged by the Ex-Director of the Corporate Debtor, Mr. Pradeep Agarwal, to secure the repayment of dues to the Appellant. The Appellant argued that the personal property of the Ex-Director should not be part of the Resolution Plan as it is not an asset of the Corporate Debtor. The Resolution Plan was approved by the Adjudicating Authority, leading to this appeal.
The Appellant, CMI FPE Limited, is an Operational Creditor of the Corporate Debtor, Asian Color Coated Ispat Ltd. The Appellant and Corporate Debtor entered into four contracts in 2009 and 2010. The Corporate Debtor defaulted on payments, with outstanding amounts totaling Rs.21,89,16,893.57. A settlement was attempted with the Corporate Debtor issuing 12 postdated cheques amounting to Rs.6 Crores, but these were dishonored. The Appellant initiated proceedings under Section 138 of the Negotiable Instrument Act, 1881. A Demand Notice was issued under Section 8 of IBC for initiation of CIRP. Another settlement was attempted, with the Corporate Debtor assuring repayment of Rs.18,65,75,394 by 30.09.2019. Mr. Pradeep Agarwal, the then Promotor of the Corporate Debtor,
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The case involves an appeal against an order approving a Resolution Plan under the Insolvency and Bankruptcy Code (IBC). The Appellant, an Operational Creditor of the Corporate Debtor (Asian Color Coated Ispat Ltd.), challenged the inclusion of a mortgaged property in the Resolution Plan. The property was mortgaged by the Ex-Director of the Corporate Debtor, Mr. Pradeep Agarwal, to secure the repayment of dues to the Appellant. The Appellant argued that the personal property of the Ex-Director should not be part of the Resolution Plan as it is not an asset of the Corporate Debtor. The Resolution Plan was approved by the Adjudicating Authority, leading to this appeal.
The Appellant, CMI FPE Limited, is an Operational Creditor of the Corporate Debtor, Asian Color Coated Ispat Ltd. The Appellant and Corporate Debtor entered into four contracts in 2009 and 2010. The Corporate Debtor defaulted on payments, with outstanding amounts totaling Rs.21,89,16,893.57. A settlement was attempted with the Corporate Debtor issuing 12 postdated cheques amounting to Rs.6 Crores, but these were dishonored. The Appellant initiated proceedings under Section 138 of the Negotiable Instrument Act, 1881. A Demand Notice was issued under Section 8 of IBC for initiation of CIRP. Another settlement was attempted, with the Corporate Debtor assuring repayment of Rs.18,65,75,394 by 30.09.2019. Mr. Pradeep Agarwal, the then Promotor of the Corporate Debtor,
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