The case involves two appeals, Company Appeal (AT) (Insolvency) No. 1437 of 2019 and Company Appeal (AT) (Insolvency) No. 1438 of 2019, filed by Mr. Kaushal Ramesh Mehta and Mr. Pratik Ramesh Mehta respectively, against Metallica Industries Ltd. & Ors. The appellants had an arrangement/agreement with the 'Corporate Debtor' for the purchase of a part of the Gala (Project), which was rejected by the 'Resolution Professional'. The 'Resolution Professional' did not accept them as 'Secured Financial Creditor'. The appeals challenged the order dated 16th October, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, which approved the 'Resolution Plan' with 85.89% voting share of the 'Committee of Creditors'.
Mr. Kaushal Ramesh Mehta and Mr. Pratik Ramesh Mehta filed separate appeals against Metallica Industries Ltd. & Ors. These appeals, numbered 1437 and 1438 of 2019 respectively, concern an arrangement/agreement the appellants had with the 'Corporate Debtor' for purchasing part of the Gala (Project). This arrangement was rejected by the 'Resolution Professional', who also declined to recognize the appellants as 'Secured Financial Creditors'. The appeals challenged an order dated October 16, 2019, issued by the National Company Law Tribunal (NCLT), Mumbai Bench, which approved a 'Resolution Plan' with 85.89% approval from the 'Committee of Creditors'. The core issue revolves around the appellants' challenge to the approved resolution plan and whether they can
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According to the Appellant(s), they had an…
The case involves two appeals, Company Appeal (AT) (Insolvency) No. 1437 of 2019 and Company Appeal (AT) (Insolvency) No. 1438 of 2019, filed by Mr. Kaushal Ramesh Mehta and Mr. Pratik Ramesh Mehta respectively, against Metallica Industries Ltd. & Ors. The appellants had an arrangement/agreement with the 'Corporate Debtor' for the purchase of a part of the Gala (Project), which was rejected by the 'Resolution Professional'. The 'Resolution Professional' did not accept them as 'Secured Financial Creditor'. The appeals challenged the order dated 16th October, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, which approved the 'Resolution Plan' with 85.89% voting share of the 'Committee of Creditors'.
Mr. Kaushal Ramesh Mehta and Mr. Pratik Ramesh Mehta filed separate appeals against Metallica Industries Ltd. & Ors. These appeals, numbered 1437 and 1438 of 2019 respectively, concern an arrangement/agreement the appellants had with the 'Corporate Debtor' for purchasing part of the Gala (Project). This arrangement was rejected by the 'Resolution Professional', who also declined to recognize the appellants as 'Secured Financial Creditors'. The appeals challenged an order dated October 16, 2019, issued by the National Company Law Tribunal (NCLT), Mumbai Bench, which approved a 'Resolution Plan' with 85.89% approval from the 'Committee of Creditors'. The core issue revolves around the appellants' challenge to the approved resolution plan and whether they can
…The Adjudicating Authority (National Company Law…
According to the Appellant(s), they had an…