The case involves two appeals (Company Appeal (AT) (Insolvency) No. 515 of 2020 and No. 516 of 2020) arising from orders passed by the Adjudicating Authority (National Company Law Tribunal), Guwahati Bench, Guwahati. Appeal No. 515 challenges the rejection of the Appellant's application seeking direction to the Resolution Professional to consider their revised offer. Appeal No. 516 challenges the approval of the Resolution Plan of Ngaitlang Dhar (H1 Bidder). The Appellants contended that their revised Resolution Plan was not properly considered, while the Respondents argued that the Committee of Creditors (CoC) acted within its rights to approve the plan of another bidder.
Meghalaya Infratech Ltd. (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Allahabad Bank. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional. The IRP made a public announcement inviting claims from creditors, leading to the constitution of a Committee of Creditors (CoC). Several parties, including Panna Pragati Infrastructure Pvt. Ltd. (Appellant) and Ngaitlang Dhar (Respondent No.4), submitted Expression of Interest and Resolution Plans. The Appellant submitted two plans during the CIRP. The first plan was placed before the CoC, and the Appellants were given an opportunity to revise
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Amit Pareek was confirmed as Resolution…
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The case involves two appeals (Company Appeal (AT) (Insolvency) No. 515 of 2020 and No. 516 of 2020) arising from orders passed by the Adjudicating Authority (National Company Law Tribunal), Guwahati Bench, Guwahati. Appeal No. 515 challenges the rejection of the Appellant's application seeking direction to the Resolution Professional to consider their revised offer. Appeal No. 516 challenges the approval of the Resolution Plan of Ngaitlang Dhar (H1 Bidder). The Appellants contended that their revised Resolution Plan was not properly considered, while the Respondents argued that the Committee of Creditors (CoC) acted within its rights to approve the plan of another bidder.
Meghalaya Infratech Ltd. (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Allahabad Bank. Amit Pareek was appointed as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional. The IRP made a public announcement inviting claims from creditors, leading to the constitution of a Committee of Creditors (CoC). Several parties, including Panna Pragati Infrastructure Pvt. Ltd. (Appellant) and Ngaitlang Dhar (Respondent No.4), submitted Expression of Interest and Resolution Plans. The Appellant submitted two plans during the CIRP. The first plan was placed before the CoC, and the Appellants were given an opportunity to revise
…Amit Pareek was confirmed as Resolution…
The Appellants were advised by notice about…
Sign in to view related legal provisions.