The case involves appeals against an order by the Adjudicating Authority (National Company Law Tribunal) approving a resolution plan submitted by Maharashtra Seamless Ltd. for United Seamless Tubulaar Private Limited. Padmanabhan Venkatesh (Promoter) and Indian Bank (Financial Creditor) filed appeals against the approval. Another appeal was filed by Maharashtra Seamless Ltd. against the Adjudicating Authority's refusal to direct the Superintendent of Police and Collector to take over the charge of the Corporate Debtor. The Corporate Insolvency Resolution Process was initiated against United Seamless Tubulaar Private Limited.
The 'Corporate Insolvency Resolution Process' was initiated against ‘M/s. United Seamless Tubulaar Private Limited'- (‘Corporate Debtor'). Two appeals were preferred, one by ‘Mr. Padmanabhan Venkatesh’-(Promoter) and another by ‘Indian Bank’- (‘Financial Creditor') against the order dated 21st January, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad. By the impugned order, the 'Resolution Plan' submitted by the Respondent- ‘M/s. Maharashtra Seamless Ltd.'- ('Resolution Applicant') has been approved. The 'Resolution Plan'submitted by ‘M/s. Maharashtra Seamless Ltd.'-('Resolution Applicant') was approved by the 'Committee of Creditors' on 20th April, 2018 in its 8th Meeting with majority by 87.10% of voting shares.
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The 'Resolution Plan' submitted by ‘M/s.…
The liquidation value submitted by the…
The case involves appeals against an order by the Adjudicating Authority (National Company Law Tribunal) approving a resolution plan submitted by Maharashtra Seamless Ltd. for United Seamless Tubulaar Private Limited. Padmanabhan Venkatesh (Promoter) and Indian Bank (Financial Creditor) filed appeals against the approval. Another appeal was filed by Maharashtra Seamless Ltd. against the Adjudicating Authority's refusal to direct the Superintendent of Police and Collector to take over the charge of the Corporate Debtor. The Corporate Insolvency Resolution Process was initiated against United Seamless Tubulaar Private Limited.
The 'Corporate Insolvency Resolution Process' was initiated against ‘M/s. United Seamless Tubulaar Private Limited'- (‘Corporate Debtor'). Two appeals were preferred, one by ‘Mr. Padmanabhan Venkatesh’-(Promoter) and another by ‘Indian Bank’- (‘Financial Creditor') against the order dated 21st January, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad. By the impugned order, the 'Resolution Plan' submitted by the Respondent- ‘M/s. Maharashtra Seamless Ltd.'- ('Resolution Applicant') has been approved. The 'Resolution Plan'submitted by ‘M/s. Maharashtra Seamless Ltd.'-('Resolution Applicant') was approved by the 'Committee of Creditors' on 20th April, 2018 in its 8th Meeting with majority by 87.10% of voting shares.
…The 'Resolution Plan' submitted by ‘M/s.…
The liquidation value submitted by the…