This Company Appeal (AT) (Insolvency) No. 533 of 2020 arises out of an order dated 06.05.2020 & 30.04.2020 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench in CP (IB) 1830/MB/2018 & Miscellaneous Application No. 1751/2019. The Appellants filed the appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the impugned order. The Appellants sought a stay on the operation of the impugned orders, a stay on Carval/consortium of Carval/Nithia from alienating assets of the Corporate Debtor, and setting aside the NCLT's approval of Carval's Resolution Plan.
Makalu Trading Ltd. and other appellants filed an appeal against the approval of a resolution plan for Uttam Value Steel Ltd. The appellants argued that the resolution plan was flawed because it lacked prior approval from the Competition Commission of India (CCI), suppressed material facts, and violated insolvency regulations. Carval, the resolution applicant, allegedly submitted false information regarding the involvement of Dr. Johannes Sittard, who had resigned from Nithia Capital Resources. The appellants also contested the reduction in the bank guarantee amount from Rs. 250 Crores to Rs. 50 Crores. The Resolution Professional and the Committee of Creditors (CoC) defended the resolution plan, stating that CCI approval was directory and that the CoC's decisions were
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Order dated 06.05.2020 passed by the…
Order dated 30.04.2020 passed by the…
This Company Appeal (AT) (Insolvency) No. 533 of 2020 arises out of an order dated 06.05.2020 & 30.04.2020 passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench in CP (IB) 1830/MB/2018 & Miscellaneous Application No. 1751/2019. The Appellants filed the appeal under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging the impugned order. The Appellants sought a stay on the operation of the impugned orders, a stay on Carval/consortium of Carval/Nithia from alienating assets of the Corporate Debtor, and setting aside the NCLT's approval of Carval's Resolution Plan.
Makalu Trading Ltd. and other appellants filed an appeal against the approval of a resolution plan for Uttam Value Steel Ltd. The appellants argued that the resolution plan was flawed because it lacked prior approval from the Competition Commission of India (CCI), suppressed material facts, and violated insolvency regulations. Carval, the resolution applicant, allegedly submitted false information regarding the involvement of Dr. Johannes Sittard, who had resigned from Nithia Capital Resources. The appellants also contested the reduction in the bank guarantee amount from Rs. 250 Crores to Rs. 50 Crores. The Resolution Professional and the Committee of Creditors (CoC) defended the resolution plan, stating that CCI approval was directory and that the CoC's decisions were
…Order dated 06.05.2020 passed by the…
Order dated 30.04.2020 passed by the…