The case involves two appeals challenging the approval of a Resolution Plan for ‘M/s. Alex Green Energy Pvt. Ltd.'- (‘Corporate Debtor') by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench. The Resolution Plan submitted by ‘Fortis Chemicals Pvt. Ltd.'- (3rd Respondent) was approved. The Appellant, ‘Kundan Care Products Ltd.', another ‘Resolution Applicant', challenged the order in both appeals, arguing that the evaluation process was not transparent and their revised proposal was not adequately considered.
The 'Corporate Insolvency Resolution Process' was initiated for ‘M/s. Alex Green Energy Pvt. Ltd.'- (‘Corporate Debtor'). Kundan Care Products Ltd. submitted a 'Resolution Plan' which was ranked 6th by the 'Resolution Professional'. The 'Committee of Creditors' decided to negotiate only with the top three 'Resolution Applicants'. Kundan Care Products Ltd. sought to revise its offer, proposing a higher amount (Rs.11.50 Crores) than the amount proposed by the 3rd Respondent (Rs.11.07 Crores), Fortis Chemicals Pvt. Ltd. The Adjudicating Authority approved the 'Resolution Plan' of Fortis Chemicals Pvt. Ltd. Kundan Care Products Ltd. challenged this approval, arguing that the evaluation process was non-transparent and their revised offer was not considered. The 'Expression
…Sign in to view the parties.
Kundan Care Products Ltd. submitted its…
The Appellant received…
The case involves two appeals challenging the approval of a Resolution Plan for ‘M/s. Alex Green Energy Pvt. Ltd.'- (‘Corporate Debtor') by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench. The Resolution Plan submitted by ‘Fortis Chemicals Pvt. Ltd.'- (3rd Respondent) was approved. The Appellant, ‘Kundan Care Products Ltd.', another ‘Resolution Applicant', challenged the order in both appeals, arguing that the evaluation process was not transparent and their revised proposal was not adequately considered.
The 'Corporate Insolvency Resolution Process' was initiated for ‘M/s. Alex Green Energy Pvt. Ltd.'- (‘Corporate Debtor'). Kundan Care Products Ltd. submitted a 'Resolution Plan' which was ranked 6th by the 'Resolution Professional'. The 'Committee of Creditors' decided to negotiate only with the top three 'Resolution Applicants'. Kundan Care Products Ltd. sought to revise its offer, proposing a higher amount (Rs.11.50 Crores) than the amount proposed by the 3rd Respondent (Rs.11.07 Crores), Fortis Chemicals Pvt. Ltd. The Adjudicating Authority approved the 'Resolution Plan' of Fortis Chemicals Pvt. Ltd. Kundan Care Products Ltd. challenged this approval, arguing that the evaluation process was non-transparent and their revised offer was not considered. The 'Expression
…Kundan Care Products Ltd. submitted its…
The Appellant received…