The case involves two Company Appeals (341/2021 and 342/2021) filed by Operational Creditors against an order by the Adjudicating Authority (NCLT, Chennai) approving a Resolution Plan under Section 30(6) of the I&B Code. The CIRP was initiated against the Corporate Debtor on 15.10.2018, and a Resolution Professional was appointed on 22.12.2018. The Appellants filed their claims, but they were aggrieved by the approved Resolution Plan, particularly concerning the amount allocated to Operational Creditors.
The Corporate Debtor, GVR Infra Projects Limited, underwent CIRP initiated by the Adjudicating Authority (NCLT, Chennai) on 15.10.2018. Vandana Garg was appointed as the Resolution Professional on 22.12.2018. P.S. Constructions and Ramsant Infrastructure, the Appellants, filed claims as Operational Creditors. The Resolution Professional filed MA 1433/2019 seeking approval of the Resolution Plan submitted by the Consortium of Resolution Applicant (UV Asset Reconstruction Company Ltd. and WL Structures Pvt. Ltd.). The NCLT approved the Resolution Plan on 20.07.2020. The total admitted claims of Operational Creditors were Rs.175.13 Crores, but the Resolution Plan allocated only Rs.3 Crores to them. The Appellants, being Operational Creditors, were not part of the CoC
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The case involves two Company Appeals (341/2021 and 342/2021) filed by Operational Creditors against an order by the Adjudicating Authority (NCLT, Chennai) approving a Resolution Plan under Section 30(6) of the I&B Code. The CIRP was initiated against the Corporate Debtor on 15.10.2018, and a Resolution Professional was appointed on 22.12.2018. The Appellants filed their claims, but they were aggrieved by the approved Resolution Plan, particularly concerning the amount allocated to Operational Creditors.
The Corporate Debtor, GVR Infra Projects Limited, underwent CIRP initiated by the Adjudicating Authority (NCLT, Chennai) on 15.10.2018. Vandana Garg was appointed as the Resolution Professional on 22.12.2018. P.S. Constructions and Ramsant Infrastructure, the Appellants, filed claims as Operational Creditors. The Resolution Professional filed MA 1433/2019 seeking approval of the Resolution Plan submitted by the Consortium of Resolution Applicant (UV Asset Reconstruction Company Ltd. and WL Structures Pvt. Ltd.). The NCLT approved the Resolution Plan on 20.07.2020. The total admitted claims of Operational Creditors were Rs.175.13 Crores, but the Resolution Plan allocated only Rs.3 Crores to them. The Appellants, being Operational Creditors, were not part of the CoC
…Adjudicating Authority…
Vandana Garg was…
Sign in to view related legal provisions.