The appellant, Prateek Jain, a shareholder, challenged an order dated 11.06.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Bench, which approved a resolution plan. The resolution plan was submitted by M/s. Red Apple Buyers Welfare Association (Respondent No.2) and subsequently modified through a memorandum of understanding with M/s. Windsor Paradise Heights Pvt. Ltd. (Respondent No.3). The appellant argued that significant modifications were introduced post-Committee of Creditors (COC) approval without proper consideration, constituting a material irregularity, and alleged fraud and collusion.
The Company Appeal (AT) (Ins.) No.1496 of 2024 challenges an Order dated 11.06.2024 passed by the Adjudicating Authority (NCLT, New Delhi Bench) in IA No.4219/2022 in Company Petition No.IB-1058 (ND)/2018.
The impugned Order approved a resolution plan under Section 30(6) read with Section 31 of I&B Code, 2016, and Regulation 39(4) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The NCLT considered a clarificatory letter dated 02.06.2022 in relation to the approved resolution plan.
The resolution plan was submitted by M/s. Red Apple Buyers Welfare Association (Respondent No.2).
The Committee of Creditors (COC) approved the resolution plan with 100% voting in its 18th meeting held on 23.05.2022.
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The resolution plan…
The Committee of Creditors (COC) approved the…
The appellant, Prateek Jain, a shareholder, challenged an order dated 11.06.2024 passed by the National Company Law Tribunal (NCLT), New Delhi Bench, which approved a resolution plan. The resolution plan was submitted by M/s. Red Apple Buyers Welfare Association (Respondent No.2) and subsequently modified through a memorandum of understanding with M/s. Windsor Paradise Heights Pvt. Ltd. (Respondent No.3). The appellant argued that significant modifications were introduced post-Committee of Creditors (COC) approval without proper consideration, constituting a material irregularity, and alleged fraud and collusion.
The Company Appeal (AT) (Ins.) No.1496 of 2024 challenges an Order dated 11.06.2024 passed by the Adjudicating Authority (NCLT, New Delhi Bench) in IA No.4219/2022 in Company Petition No.IB-1058 (ND)/2018.
The impugned Order approved a resolution plan under Section 30(6) read with Section 31 of I&B Code, 2016, and Regulation 39(4) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
The NCLT considered a clarificatory letter dated 02.06.2022 in relation to the approved resolution plan.
The resolution plan was submitted by M/s. Red Apple Buyers Welfare Association (Respondent No.2).
The Committee of Creditors (COC) approved the resolution plan with 100% voting in its 18th meeting held on 23.05.2022.
…The resolution plan…
The Committee of Creditors (COC) approved the…