The appeals arise from an order of the Adjudicating Authority (NCLT-I, Ahmedabad) that rejected a resolution plan approved by the Committee of Creditors (CoC). The Corporate Debtor (CD), M/s Zep Infratech Ltd., underwent a Corporate Insolvency Resolution Process (CIRP). The CoC, Resolution Professional (RP), and Successful Resolution Applicant (SRA) were unhappy with the Adjudicating Authority's decision to reject the resolution plan and order liquidation.
M/s Zep Infratech Ltd. (CD) underwent a CIRP process.
The CoC approved a resolution plan, but the Adjudicating Authority rejected it.
The RP, CoC, and SRA were aggrieved by the Adjudicating Authority's decision.
The CD was a MSME and provided a corporate guarantee for a loan.
Raj Radhe Finance Ltd. advanced the loan to M/s Shree Ram Cottex Industries Pvt. Ltd.
The financial creditor filed a petition under Sec.7 after the principal borrower defaulted.
The Adjudicating Authority admitted the petition and CIRP commenced.
An Interim Resolution Professional (IRP) was appointed.
The IRP formed a two-member CoC.
The CoC consisted of Raj Radhe Finance Ltd. and Rajendra M. Thakkar (Ravasia) & Sons Pvt., Ltd.
There were three unsecured operational creditors.
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The Adjudicating Authority (NCLT-I, Ahmedabad)…
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The appeals arise from an order of the Adjudicating Authority (NCLT-I, Ahmedabad) that rejected a resolution plan approved by the Committee of Creditors (CoC). The Corporate Debtor (CD), M/s Zep Infratech Ltd., underwent a Corporate Insolvency Resolution Process (CIRP). The CoC, Resolution Professional (RP), and Successful Resolution Applicant (SRA) were unhappy with the Adjudicating Authority's decision to reject the resolution plan and order liquidation.
M/s Zep Infratech Ltd. (CD) underwent a CIRP process.
The CoC approved a resolution plan, but the Adjudicating Authority rejected it.
The RP, CoC, and SRA were aggrieved by the Adjudicating Authority's decision.
The CD was a MSME and provided a corporate guarantee for a loan.
Raj Radhe Finance Ltd. advanced the loan to M/s Shree Ram Cottex Industries Pvt. Ltd.
The financial creditor filed a petition under Sec.7 after the principal borrower defaulted.
The Adjudicating Authority admitted the petition and CIRP commenced.
An Interim Resolution Professional (IRP) was appointed.
The IRP formed a two-member CoC.
The CoC consisted of Raj Radhe Finance Ltd. and Rajendra M. Thakkar (Ravasia) & Sons Pvt., Ltd.
There were three unsecured operational creditors.
…The Adjudicating Authority (NCLT-I, Ahmedabad)…
The Adjudicating…
Sign in to view related legal provisions.