The appeal was filed by Praful Satra, the suspended director of Satra Properties (India) Limited, challenging the order dated 26.07.2024 passed by the National Company Law Tribunal, Mumbai Bench-I, approving the resolution plan submitted by MJ Shah Consortium.
Praful Satra, the suspended director of Satra Properties (India) Limited, filed appeals challenging the approval of the resolution plan.
The Appellant contended that the Adjudicating Authority erred in not considering collusion between Respondent No. 1 and 3 to transfer assets of the Corporate Debtor at low value.
The Appellant contended that the significant 50% difference in valuations between assessment made by Sadashiv appointed by him and that of the Registered Valuers Adroit, RNC and Gunjan directly reduces payouts to secured creditors, undermining the CIRP.
…Sign in to view the parties.
Adjudicating Authority admitted the petition,…
Mr. Devarajan Raman was…
The appeal was filed by Praful Satra, the suspended director of Satra Properties (India) Limited, challenging the order dated 26.07.2024 passed by the National Company Law Tribunal, Mumbai Bench-I, approving the resolution plan submitted by MJ Shah Consortium.
Praful Satra, the suspended director of Satra Properties (India) Limited, filed appeals challenging the approval of the resolution plan.
The Appellant contended that the Adjudicating Authority erred in not considering collusion between Respondent No. 1 and 3 to transfer assets of the Corporate Debtor at low value.
The Appellant contended that the significant 50% difference in valuations between assessment made by Sadashiv appointed by him and that of the Registered Valuers Adroit, RNC and Gunjan directly reduces payouts to secured creditors, undermining the CIRP.
…Adjudicating Authority admitted the petition,…
Mr. Devarajan Raman was…