The appeal challenges the Adjudicating Authority's order dated 2020-03-13, which approved a resolution plan for the Corporate Debtor, NRC Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against NRC Limited on 2018-11-27. The resolution plan, submitted by Adani Properties Private Limited, was approved by the Committee of Creditors (CoC) with a 99.88% vote share. The Appellant, Kalyan Dombivali Municipal Corporation, claims that the RP was aware of the property tax litigation between the Appellant and the Corporate Debtor but did not include it in the information memorandum. The Appellant argues that the resolution plan should not have been approved due to this omission.
The Kalyan Dombivali Municipal Corporation (Appellant) challenged an order approving a resolution plan for NRC Limited (Corporate Debtor). The CIRP was initiated on 2018-11-27. The Appellant had served a demand notice to the Corporate Debtor on 1996-01-17 regarding property tax. The Corporate Debtor challenged this demand, leading to various legal proceedings, including municipal suits and writ petitions. The Supreme Court directed the Corporate Debtor to deposit a sum of Rs. 4.5 Crores towards property tax. The Appellant claims that the RP was aware of the ongoing property tax litigation but did not include it in the information memorandum. The RP made a public announcement on 2018-12-07 inviting claims from creditors and sent a letter to the Appellant on 2018-12-11
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Appellant served demand…
Respondent No. 1…
The appeal challenges the Adjudicating Authority's order dated 2020-03-13, which approved a resolution plan for the Corporate Debtor, NRC Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against NRC Limited on 2018-11-27. The resolution plan, submitted by Adani Properties Private Limited, was approved by the Committee of Creditors (CoC) with a 99.88% vote share. The Appellant, Kalyan Dombivali Municipal Corporation, claims that the RP was aware of the property tax litigation between the Appellant and the Corporate Debtor but did not include it in the information memorandum. The Appellant argues that the resolution plan should not have been approved due to this omission.
The Kalyan Dombivali Municipal Corporation (Appellant) challenged an order approving a resolution plan for NRC Limited (Corporate Debtor). The CIRP was initiated on 2018-11-27. The Appellant had served a demand notice to the Corporate Debtor on 1996-01-17 regarding property tax. The Corporate Debtor challenged this demand, leading to various legal proceedings, including municipal suits and writ petitions. The Supreme Court directed the Corporate Debtor to deposit a sum of Rs. 4.5 Crores towards property tax. The Appellant claims that the RP was aware of the ongoing property tax litigation but did not include it in the information memorandum. The RP made a public announcement on 2018-12-07 inviting claims from creditors and sent a letter to the Appellant on 2018-12-11
…Appellant served demand…
Respondent No. 1…