The case involves a company appeal against an order dated 11.03.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, which allowed I.A. No.2969 of 2021 filed by the Financial Creditor for liquidation and decided other I.As. The Corporate Debtor, Amar Remedies Ltd., was subjected to insolvency under Section 10 of the Insolvency and Bankruptcy Code, 2016, by order dated 16.06.2017. The Appellant, PKH Ventures Limited, submitted a Resolution Plan that was approved by the Committee of Creditors (CoC) by 88.78% voting share on 08.01.2021. I.A. No. 137 of 2021 was filed by the Resolution Professional seeking approval of the Resolution Plan, which was allowed by the Adjudicating Authority on 25.03.2021. However, the Adjudicating Authority
…PKH Ventures Limited (Appellant) submitted a resolution plan for Amar Remedies Ltd. (Corporate Debtor), which was approved by the CoC on 08.01.2021. The NCLT approved the resolution plan on 25.03.2021 but did not grant certain waivers sought by PKH Ventures. The resolution plan stipulated payment of Rs.31.59 crores within 180 days of approval. PKH Ventures failed to make the upfront payment of Rs.525 Lakhs within 90 days. The Monitoring Committee noted the default on 16.08.2021. PKH Ventures filed I.A. No.2747 of 2021 seeking direction to the Registrar of Companies to update the status of Amar Remedies as 'active'. PKH Ventures also filed I.A. No.2399 of 2021 seeking direction to SEBI to not take coercive action and sought waiver of applicability of amendment in the
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Corporate Debtor, Amar Remedies Ltd., was…
The Appellant, PKH Ventures Limited, submitted a…
The case involves a company appeal against an order dated 11.03.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, which allowed I.A. No.2969 of 2021 filed by the Financial Creditor for liquidation and decided other I.As. The Corporate Debtor, Amar Remedies Ltd., was subjected to insolvency under Section 10 of the Insolvency and Bankruptcy Code, 2016, by order dated 16.06.2017. The Appellant, PKH Ventures Limited, submitted a Resolution Plan that was approved by the Committee of Creditors (CoC) by 88.78% voting share on 08.01.2021. I.A. No. 137 of 2021 was filed by the Resolution Professional seeking approval of the Resolution Plan, which was allowed by the Adjudicating Authority on 25.03.2021. However, the Adjudicating Authority
…PKH Ventures Limited (Appellant) submitted a resolution plan for Amar Remedies Ltd. (Corporate Debtor), which was approved by the CoC on 08.01.2021. The NCLT approved the resolution plan on 25.03.2021 but did not grant certain waivers sought by PKH Ventures. The resolution plan stipulated payment of Rs.31.59 crores within 180 days of approval. PKH Ventures failed to make the upfront payment of Rs.525 Lakhs within 90 days. The Monitoring Committee noted the default on 16.08.2021. PKH Ventures filed I.A. No.2747 of 2021 seeking direction to the Registrar of Companies to update the status of Amar Remedies as 'active'. PKH Ventures also filed I.A. No.2399 of 2021 seeking direction to SEBI to not take coercive action and sought waiver of applicability of amendment in the
…Corporate Debtor, Amar Remedies Ltd., was…
The Appellant, PKH Ventures Limited, submitted a…