The case involves five appeals against two orders passed by the Ld. NCLT on June 4, 2024. Company Appeal (AT)(Ins) No.1382/2024 challenges an order passed by the Adjudicating Authority in IA No.30/2023, while Company Appeal (AT)(Ins) No.1384 and 1486 of 2024 challenge an order passed in IA No.568/2023. Company Appeal (AT)(Ins) No.1596 and 1597 of 2024 challenge both orders passed in IA No. 30/2023 and 568/2023, concerning the approval of the Resolution Plan. The core issue in three appeals (No.1382, 1384, and 1486/2024) is whether the Ld. NCLT has the power to modify the resolution plan.
Pioneer Engineering Industries filed appeals against orders passed by the NCLT. The resolution plan submitted was worth Rs. 18 crores and approved by the CoC with 79.10% of votes. The CoC Members included Kotak Mahindra Bank (79.10% votes), Bank of Baroda (.72% votes), and Anjali Capfin Pvt Ltd. The NCLT modified the resolution plan, directing that any compensation received from the acquisition of the Corporate Debtor's land should be distributed among the creditors. The appellant argued that the resolution plan already accounted for potential compensation from land acquisition. The appellant's earlier resolution plan, which included an upfront payment of INR 7 Crores and a contingent amount of INR 10 Crores for future compensation, was rejected by the CoC. The
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The Ld. NCLT passed two…
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The case involves five appeals against two orders passed by the Ld. NCLT on June 4, 2024. Company Appeal (AT)(Ins) No.1382/2024 challenges an order passed by the Adjudicating Authority in IA No.30/2023, while Company Appeal (AT)(Ins) No.1384 and 1486 of 2024 challenge an order passed in IA No.568/2023. Company Appeal (AT)(Ins) No.1596 and 1597 of 2024 challenge both orders passed in IA No. 30/2023 and 568/2023, concerning the approval of the Resolution Plan. The core issue in three appeals (No.1382, 1384, and 1486/2024) is whether the Ld. NCLT has the power to modify the resolution plan.
Pioneer Engineering Industries filed appeals against orders passed by the NCLT. The resolution plan submitted was worth Rs. 18 crores and approved by the CoC with 79.10% of votes. The CoC Members included Kotak Mahindra Bank (79.10% votes), Bank of Baroda (.72% votes), and Anjali Capfin Pvt Ltd. The NCLT modified the resolution plan, directing that any compensation received from the acquisition of the Corporate Debtor's land should be distributed among the creditors. The appellant argued that the resolution plan already accounted for potential compensation from land acquisition. The appellant's earlier resolution plan, which included an upfront payment of INR 7 Crores and a contingent amount of INR 10 Crores for future compensation, was rejected by the CoC. The
…The Ld. NCLT passed two…
The date of consideratio…