This is a Company Appeal (AT) (Insolvency) No. 620 of 2023. The appeal was filed against an order dated February 20, 2023, where I.A. No. 4170/ND/2022, filed by a set of home-buyers, was rejected. The home-buyers had sought the rejection of the Resolution Plan submitted by home-buyers-Financial Creditors. The Resolution Professional had filed an application for approving the Resolution Plan, which is pending consideration before the Adjudicating Authority.
Manoj Kumar & Ors. filed an appeal against an order dated February 20, 2023, which rejected I.A. No. 4170/ND/2022. This application was filed by a subset of home-buyers seeking the rejection of a Resolution Plan. The Resolution Professional, Anurag Nirbhaya, had filed an application for approving the Resolution Plan, which was pending consideration before the Adjudicating Authority. The home-buyers, as a subset of the Financial Creditors, sought the rejection of the Resolution Plan. The court considered whether this subset of home-buyers had the right to claim rejection of the Resolution Plan. The relevance of these facts lies in determining the rights of a subset of financial creditors (home-buyers) in the resolution process under the I&B Code.
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Order dated 20th…
Heard Learned…
This is a Company Appeal (AT) (Insolvency) No. 620 of 2023. The appeal was filed against an order dated February 20, 2023, where I.A. No. 4170/ND/2022, filed by a set of home-buyers, was rejected. The home-buyers had sought the rejection of the Resolution Plan submitted by home-buyers-Financial Creditors. The Resolution Professional had filed an application for approving the Resolution Plan, which is pending consideration before the Adjudicating Authority.
Manoj Kumar & Ors. filed an appeal against an order dated February 20, 2023, which rejected I.A. No. 4170/ND/2022. This application was filed by a subset of home-buyers seeking the rejection of a Resolution Plan. The Resolution Professional, Anurag Nirbhaya, had filed an application for approving the Resolution Plan, which was pending consideration before the Adjudicating Authority. The home-buyers, as a subset of the Financial Creditors, sought the rejection of the Resolution Plan. The court considered whether this subset of home-buyers had the right to claim rejection of the Resolution Plan. The relevance of these facts lies in determining the rights of a subset of financial creditors (home-buyers) in the resolution process under the I&B Code.
Order dated 20th…
Heard Learned…