The case involves two Company Appeals (AT) (Insolvency) No. 417 of 2020 and No. 744 of 2020, both challenging the approval of a Resolution Plan for Print House (India) Pvt. Ltd. The appeals arise from orders passed by the National Company Law Tribunal (NCLT), Mumbai Bench. Next Orbit Ventures Fund, the Appellant in Appeal No. 417, opposed the Resolution Plan submitted by Sify Technologies Limited. MA 2972 of 2019 was filed by the Resolution Professional of Print House (India) Pvt. Ltd. seeking approval of the Resolution Plan. MA 3137/2019 was filed by the Suspended Directors and Promotors of the Corporate Debtor seeking impleadment in MA 2972/2019. The Company Petition was filed by Print House (India) Pvt. Ltd. under Section 10 of the Code.
Next Orbit Ventures Fund filed an appeal against the approval of a Resolution Plan submitted by Sify Technologies Limited for Print House (India) Pvt. Ltd., the Corporate Debtor. The Resolution Plan proposed a shift from the Corporate Debtor's existing printing business to establishing data centers. The Appellant argued that this change contravened the objectives of the IBC. The Resolution Professional and the CoC supported the Resolution Plan, citing the obsolescence of the printing business and the potential for the data center business to maximize asset value and promote entrepreneurship. The CoC approved the Resolution Plan with a majority of 70.05% and a weighted score of 93.85. The Appellant's Resolution Plan scored only 22.44 points. The Corporate Debtor's
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Order dated 20th January, 2020 passed by…
Corporate Insolvency Resolution Proceedings…
The case involves two Company Appeals (AT) (Insolvency) No. 417 of 2020 and No. 744 of 2020, both challenging the approval of a Resolution Plan for Print House (India) Pvt. Ltd. The appeals arise from orders passed by the National Company Law Tribunal (NCLT), Mumbai Bench. Next Orbit Ventures Fund, the Appellant in Appeal No. 417, opposed the Resolution Plan submitted by Sify Technologies Limited. MA 2972 of 2019 was filed by the Resolution Professional of Print House (India) Pvt. Ltd. seeking approval of the Resolution Plan. MA 3137/2019 was filed by the Suspended Directors and Promotors of the Corporate Debtor seeking impleadment in MA 2972/2019. The Company Petition was filed by Print House (India) Pvt. Ltd. under Section 10 of the Code.
Next Orbit Ventures Fund filed an appeal against the approval of a Resolution Plan submitted by Sify Technologies Limited for Print House (India) Pvt. Ltd., the Corporate Debtor. The Resolution Plan proposed a shift from the Corporate Debtor's existing printing business to establishing data centers. The Appellant argued that this change contravened the objectives of the IBC. The Resolution Professional and the CoC supported the Resolution Plan, citing the obsolescence of the printing business and the potential for the data center business to maximize asset value and promote entrepreneurship. The CoC approved the Resolution Plan with a majority of 70.05% and a weighted score of 93.85. The Appellant's Resolution Plan scored only 22.44 points. The Corporate Debtor's
…Order dated 20th January, 2020 passed by…
Corporate Insolvency Resolution Proceedings…