The case involves two Company Appeals (305/2024 and 306/2024) preferred by the Appellant under Section 61(1) of the I&B Code, 2016. Appeal 305/2024 challenges an order of 19.07.2024, rejecting the Appellant's application to declare an e-auction null and void and to direct the Liquidator to consider a Scheme submitted by the Appellant. The Stakeholder Consultation Committee (SCC) had rejected the scheme, which was affirmed on merits with majority voting. Appeal 306/2024 challenges the same order of 19.07.2024, which allowed an application confirming the sale of the Corporate Debtor as a going concern to the Successful Bidder. The Appellant argues that the Scheme of Arrangement under Section 230 of the Companies Act should have been prioritized over the e-auction process.
M/s. Kamachi Industries was admitted into Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the I&B Code, 2016, by State Bank of India due to non-payment of debt, with NCLT, Chennai, ordering it on 19.02.2020. A moratorium was imposed under Section 14, and an Interim Resolution Professional (IRP) was appointed, who then constituted a Committee of Creditors (CoC). Three Resolution Plans were received but rejected by the CoC due to lower plan value than the liquidation value. The CoC voted for Liquidation on 14.09.2021, and the Tribunal allowed the liquidation on 09.12.2022, appointing a Liquidator. The Liquidator formed a Stakeholders Consultation Committee (SCC), conducted a fresh valuation, prepared an Asset Memorandum, and
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M/s. Kamachi Industries admitted into CIRP by…
Committee of Creditors…
The case involves two Company Appeals (305/2024 and 306/2024) preferred by the Appellant under Section 61(1) of the I&B Code, 2016. Appeal 305/2024 challenges an order of 19.07.2024, rejecting the Appellant's application to declare an e-auction null and void and to direct the Liquidator to consider a Scheme submitted by the Appellant. The Stakeholder Consultation Committee (SCC) had rejected the scheme, which was affirmed on merits with majority voting. Appeal 306/2024 challenges the same order of 19.07.2024, which allowed an application confirming the sale of the Corporate Debtor as a going concern to the Successful Bidder. The Appellant argues that the Scheme of Arrangement under Section 230 of the Companies Act should have been prioritized over the e-auction process.
M/s. Kamachi Industries was admitted into Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the I&B Code, 2016, by State Bank of India due to non-payment of debt, with NCLT, Chennai, ordering it on 19.02.2020. A moratorium was imposed under Section 14, and an Interim Resolution Professional (IRP) was appointed, who then constituted a Committee of Creditors (CoC). Three Resolution Plans were received but rejected by the CoC due to lower plan value than the liquidation value. The CoC voted for Liquidation on 14.09.2021, and the Tribunal allowed the liquidation on 09.12.2022, appointing a Liquidator. The Liquidator formed a Stakeholders Consultation Committee (SCC), conducted a fresh valuation, prepared an Asset Memorandum, and
…M/s. Kamachi Industries admitted into CIRP by…
Committee of Creditors…