Kotak Mahindra Bank Ltd. filed an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, against the order dated 12.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench, Chandigarh). The Adjudicating Authority had allowed the exclusion of the lockdown period (25.03.2020 to 31.07.2020) from the schedule of making payments under the approved Resolution Plan in I.A No. 287/2020 and 483/2020 in Company Petition (IB) No. 119/Chd/CHD/2018.
Kotak Mahindra Bank Ltd. filed an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench) that allowed the exclusion of the lockdown period (March 25, 2020, to July 31, 2020) from the payment schedule under an approved Resolution Plan. The Resolution Plan of the Corporate Debtor, A.P. Enterprises Private Limited, was approved by the CoC on July 19, 2019, and subsequently approved by the Adjudicating Authority on March 18, 2020. The Resolution Applicant had paid Rs. 3,00,17,650/- but failed to pay the remaining Rs. 2,00,00,000/- out of the total upfront payment of Rs. 5,00,17,650/-. Kotak Mahindra Bank, the largest secured creditor with 84.35% voting share in the CoC, argued that the Adjudicating Authority should not have
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Kotak Mahindra Bank Ltd. filed an appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, against the order dated 12.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench, Chandigarh). The Adjudicating Authority had allowed the exclusion of the lockdown period (25.03.2020 to 31.07.2020) from the schedule of making payments under the approved Resolution Plan in I.A No. 287/2020 and 483/2020 in Company Petition (IB) No. 119/Chd/CHD/2018.
Kotak Mahindra Bank Ltd. filed an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench) that allowed the exclusion of the lockdown period (March 25, 2020, to July 31, 2020) from the payment schedule under an approved Resolution Plan. The Resolution Plan of the Corporate Debtor, A.P. Enterprises Private Limited, was approved by the CoC on July 19, 2019, and subsequently approved by the Adjudicating Authority on March 18, 2020. The Resolution Applicant had paid Rs. 3,00,17,650/- but failed to pay the remaining Rs. 2,00,00,000/- out of the total upfront payment of Rs. 5,00,17,650/-. Kotak Mahindra Bank, the largest secured creditor with 84.35% voting share in the CoC, argued that the Adjudicating Authority should not have
…The Resolution Plan of…
The Adjudicating…