The case involves an appeal against an order dated 05.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court-IV) in I.A. No. 545(MB) 2024 in CP (IB) No. 631(MB) 2021. The appellant, the Suspended Board of Director and Promoter, sought directions to convene a meeting of Respondent No. 1 to place the revised resolution plan submitted by the applicant before Respondent No. 2, and to restrain Respondent No. 2 from making any final decision regarding the CIRP of the Corporate Debtor without considering the revised resolution plan. Form-G was issued in the CIRP of the Corporate Debtor, and persons expressed interest and RFRP to file the resolution plan.
Rajesh Lallubhai Chitalia, the Appellant, filed an appeal against an order passed by the Adjudicating Authority (NCLT, Mumbai Bench) on 05.04.2024. The Appellant, being the Suspended Board of Director and Promoter, sought directions to convene a meeting to consider a revised resolution plan. The CoC had requested applicants to improve and submit resolution plans by 20.11.2023. The Appellant submitted a revised plan by this date. Later, the Appellant sent another resolution plan via email on 06.01.2024, which was not considered. The Appellant then filed I.A. No. 545 of 2024, seeking directions, which was refused. The Appellant argued that the email of 06.01.2024 contained improved financials and should have been considered. The Adjudicating Authority's order stated that
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The CoC set 20.11.2023 as the deadline for…
The Appellant filed his revised resolution plan…
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The case involves an appeal against an order dated 05.04.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench, Court-IV) in I.A. No. 545(MB) 2024 in CP (IB) No. 631(MB) 2021. The appellant, the Suspended Board of Director and Promoter, sought directions to convene a meeting of Respondent No. 1 to place the revised resolution plan submitted by the applicant before Respondent No. 2, and to restrain Respondent No. 2 from making any final decision regarding the CIRP of the Corporate Debtor without considering the revised resolution plan. Form-G was issued in the CIRP of the Corporate Debtor, and persons expressed interest and RFRP to file the resolution plan.
Rajesh Lallubhai Chitalia, the Appellant, filed an appeal against an order passed by the Adjudicating Authority (NCLT, Mumbai Bench) on 05.04.2024. The Appellant, being the Suspended Board of Director and Promoter, sought directions to convene a meeting to consider a revised resolution plan. The CoC had requested applicants to improve and submit resolution plans by 20.11.2023. The Appellant submitted a revised plan by this date. Later, the Appellant sent another resolution plan via email on 06.01.2024, which was not considered. The Appellant then filed I.A. No. 545 of 2024, seeking directions, which was refused. The Appellant argued that the email of 06.01.2024 contained improved financials and should have been considered. The Adjudicating Authority's order stated that
…The CoC set 20.11.2023 as the deadline for…
The Appellant filed his revised resolution plan…
Sign in to view related legal provisions.