The case involves an appeal against an order dated 07.05.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in IA Nos. 606 & 697 of 2020 in CP (IB) No.43/7/HDB/2018. The Adjudicating Authority rejected I.A. 606 of 2020 and consequently disposed of I.A. 697 of 2020. The CIRP was initiated against Leo Meridian Infrastructure Projects and Hotels Limited on 09.04.2019 after Andhra Bank (now Union Bank of India) filed a Section 7 application. The Resolution Professional (RP) invited Expressions of Interest (EOI). One resolution plan was rejected for not meeting requirements. The Appellants submitted a resolution plan with a bank guarantee. The CoC extended the deadline for plan submission, which the Appellants protested. The RP
…The Corporate Debtor, Leo Meridian Infrastructure Projects and Hotels Limited, underwent CIRP initiated by Andhra Bank (now Union Bank of India) on 09.04.2019. The Resolution Professional (RP) invited EOIs, and one plan was rejected. The Appellants submitted a resolution plan with a bank guarantee of Rs. 1 crore on 14.04.2020. The CoC extended the deadline for submission to 27.04.2020, which the Appellants protested. The RP opened the plans on 29.04.2020. The Appellants were declared H-1 bidder on 01.07.2020. The RP then insisted on engaging a monitoring agency at the Appellants' cost and increased the CIRP cost. The Appellants refused. The RP invited final compliant resolution plans by 15.08.2020, citing an IBBI amendment dated 07.08.2020. The Appellants filed I.A.
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CIRP initiated against…
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The case involves an appeal against an order dated 07.05.2021 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in IA Nos. 606 & 697 of 2020 in CP (IB) No.43/7/HDB/2018. The Adjudicating Authority rejected I.A. 606 of 2020 and consequently disposed of I.A. 697 of 2020. The CIRP was initiated against Leo Meridian Infrastructure Projects and Hotels Limited on 09.04.2019 after Andhra Bank (now Union Bank of India) filed a Section 7 application. The Resolution Professional (RP) invited Expressions of Interest (EOI). One resolution plan was rejected for not meeting requirements. The Appellants submitted a resolution plan with a bank guarantee. The CoC extended the deadline for plan submission, which the Appellants protested. The RP
…The Corporate Debtor, Leo Meridian Infrastructure Projects and Hotels Limited, underwent CIRP initiated by Andhra Bank (now Union Bank of India) on 09.04.2019. The Resolution Professional (RP) invited EOIs, and one plan was rejected. The Appellants submitted a resolution plan with a bank guarantee of Rs. 1 crore on 14.04.2020. The CoC extended the deadline for submission to 27.04.2020, which the Appellants protested. The RP opened the plans on 29.04.2020. The Appellants were declared H-1 bidder on 01.07.2020. The RP then insisted on engaging a monitoring agency at the Appellants' cost and increased the CIRP cost. The Appellants refused. The RP invited final compliant resolution plans by 15.08.2020, citing an IBBI amendment dated 07.08.2020. The Appellants filed I.A.
…CIRP initiated against…
Appellants submitted…