The appeal was filed by Lalit Mishra & Ors., promoters of Sharon Bio Medicine Ltd. (Corporate Debtor), challenging the order dated 28th February, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, approving the Resolution Plan submitted by the 3rd Respondent (Successful Resolution Applicant). The Appellants challenged the approval of the Resolution Plan on two grounds: (i) as promoters and shareholders, no amount was provided to them under the Resolution Plan; and (ii) some of the Appellants, promoters, were also personal guarantors who have been discriminated against.
Lalit Mishra & Ors., promoters of Sharon Bio Medicine Ltd. (Corporate Debtor), filed an appeal against the order dated 28th February, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai. The Adjudicating Authority approved a Resolution Plan submitted by the 3rd Respondent (Successful Resolution Applicant). The Appellants challenged the approval of the Resolution Plan on the grounds that as promoters and shareholders, they received no amount under the plan, and that some of them, as personal guarantors, were discriminated against. The Appellants argued that the payment terms in the Resolution Plan contravened applicable law, and that the Resolution Applicant arbitrarily reduced or wrote off substantial liabilities of
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The Adjudicating Authority (National Company…
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The appeal was filed by Lalit Mishra & Ors., promoters of Sharon Bio Medicine Ltd. (Corporate Debtor), challenging the order dated 28th February, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, approving the Resolution Plan submitted by the 3rd Respondent (Successful Resolution Applicant). The Appellants challenged the approval of the Resolution Plan on two grounds: (i) as promoters and shareholders, no amount was provided to them under the Resolution Plan; and (ii) some of the Appellants, promoters, were also personal guarantors who have been discriminated against.
Lalit Mishra & Ors., promoters of Sharon Bio Medicine Ltd. (Corporate Debtor), filed an appeal against the order dated 28th February, 2018, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai. The Adjudicating Authority approved a Resolution Plan submitted by the 3rd Respondent (Successful Resolution Applicant). The Appellants challenged the approval of the Resolution Plan on the grounds that as promoters and shareholders, they received no amount under the plan, and that some of them, as personal guarantors, were discriminated against. The Appellants argued that the payment terms in the Resolution Plan contravened applicable law, and that the Resolution Applicant arbitrarily reduced or wrote off substantial liabilities of
…The Adjudicating Authority (National Company…
The National Company Law Appellate Tribunal…