The Appellant, the promoter of M/s P&S Jewellery Ltd. (Corporate Debtor), filed a resolution plan before the Resolution Professional, which was placed before the Committee of Creditors. The Committee of Creditors rejected the plan on the ground that the Promoter is a wilful defaulter and ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority, in the absence of any other viable plan, ordered for liquidation of the Corporate Debtor. The Appellant then filed an Interlocutory Petition in the resolution process.
The Appellant, promoter of M/s P&S Jewellery Ltd. (Corporate Debtor), submitted a resolution plan. The Committee of Creditors rejected the plan, citing the Appellant as a wilful defaulter under Section 29A of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority ordered liquidation due to the absence of a viable plan. The Appellant filed an Interlocutory Petition. The actual loan sanctioned by Union Bank of India was Rs.772 crores, but only Rs.490 crores were disbursed. The State Bank of India did not sign the joint document for the disbursement of Rs.282 crores. The Committee of Creditors found the Appellant's plan not viable or feasible.
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Union Bank of…
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The Appellant, the promoter of M/s P&S Jewellery Ltd. (Corporate Debtor), filed a resolution plan before the Resolution Professional, which was placed before the Committee of Creditors. The Committee of Creditors rejected the plan on the ground that the Promoter is a wilful defaulter and ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority, in the absence of any other viable plan, ordered for liquidation of the Corporate Debtor. The Appellant then filed an Interlocutory Petition in the resolution process.
The Appellant, promoter of M/s P&S Jewellery Ltd. (Corporate Debtor), submitted a resolution plan. The Committee of Creditors rejected the plan, citing the Appellant as a wilful defaulter under Section 29A of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority ordered liquidation due to the absence of a viable plan. The Appellant filed an Interlocutory Petition. The actual loan sanctioned by Union Bank of India was Rs.772 crores, but only Rs.490 crores were disbursed. The State Bank of India did not sign the joint document for the disbursement of Rs.282 crores. The Committee of Creditors found the Appellant's plan not viable or feasible.
Union Bank of…
Actual disbursement by…