The case involves an appeal against the approval of a resolution plan for a corporate debtor. The appellant, a shareholder, claims the resolution plan contravenes provisions of the Companies Act, 2013 and SEBI Regulations, particularly concerning the reduction of share capital. The appellant argues that the Adjudicating Authority approved the plan without ensuring compliance with these provisions and without giving notice to shareholders whose investment has become zero. The appellant also cites a Supreme Court judgment to support the argument that Section 238 of the IBC does not override the Companies Act and SEBI Regulations.
Mr. Keshav Agrawal, a shareholder of the Corporate Debtor, filed an appeal against the approval of a resolution plan. He claimed that the resolution plan contravened provisions of the Companies Act, 2013, and SEBI Regulations, specifically regarding the reduction of share capital. The appellant argued that the Adjudicating Authority approved the plan without ensuring compliance with these provisions and without notifying shareholders whose investment had become zero after the plan's approval. The Resolution Professional (RP) argued that the resolution plan was examined as per Section 30(2) of the IBC. The appellant cited a Supreme Court judgment (Macquarie Bank Ltd. Vs. Shilpi Cable Technologies Ltd.) to support the argument that Section 238 of the IBC does not
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The case involves an appeal against the approval of a resolution plan for a corporate debtor. The appellant, a shareholder, claims the resolution plan contravenes provisions of the Companies Act, 2013 and SEBI Regulations, particularly concerning the reduction of share capital. The appellant argues that the Adjudicating Authority approved the plan without ensuring compliance with these provisions and without giving notice to shareholders whose investment has become zero. The appellant also cites a Supreme Court judgment to support the argument that Section 238 of the IBC does not override the Companies Act and SEBI Regulations.
Mr. Keshav Agrawal, a shareholder of the Corporate Debtor, filed an appeal against the approval of a resolution plan. He claimed that the resolution plan contravened provisions of the Companies Act, 2013, and SEBI Regulations, specifically regarding the reduction of share capital. The appellant argued that the Adjudicating Authority approved the plan without ensuring compliance with these provisions and without notifying shareholders whose investment had become zero after the plan's approval. The Resolution Professional (RP) argued that the resolution plan was examined as per Section 30(2) of the IBC. The appellant cited a Supreme Court judgment (Macquarie Bank Ltd. Vs. Shilpi Cable Technologies Ltd.) to support the argument that Section 238 of the IBC does not
…Order passed by the…