The appeals were filed under section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order dated March 17, 2021, which approved a resolution plan for the corporate debtor. The appellants are aggrieved by the approval of the resolution plan, citing various irregularities in the Corporate Insolvency Resolution Process (CIRP), including issues with valuation reports and the non-consideration of a forensic audit report.
M/s. Rana Saria Poly Pack Private Limited, the appellant in CA No. 422 of 2021, stated that the corporate debtor, a Special Purpose Vehicle (SPV) formed as a Joint Venture Company of M/s. Simbhaoli Sugars Limited (SSL) and EDF Mann Group, took a loan of Rs. 100 crores from IDBI Bank in 2012. This loan was secured by personal guarantees from SSL's promoters and a pledge of their shareholding in the SPV. Upon default, DRT proceedings were initiated, and Rana Saria Poly Pack Private Limited filed a section 9 application, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.
…The corporate debtor, a Joint Venture Company…
Two registered valuers, M/s. Jagdish Mistry and…
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The appeals were filed under section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order dated March 17, 2021, which approved a resolution plan for the corporate debtor. The appellants are aggrieved by the approval of the resolution plan, citing various irregularities in the Corporate Insolvency Resolution Process (CIRP), including issues with valuation reports and the non-consideration of a forensic audit report.
M/s. Rana Saria Poly Pack Private Limited, the appellant in CA No. 422 of 2021, stated that the corporate debtor, a Special Purpose Vehicle (SPV) formed as a Joint Venture Company of M/s. Simbhaoli Sugars Limited (SSL) and EDF Mann Group, took a loan of Rs. 100 crores from IDBI Bank in 2012. This loan was secured by personal guarantees from SSL's promoters and a pledge of their shareholding in the SPV. Upon default, DRT proceedings were initiated, and Rana Saria Poly Pack Private Limited filed a section 9 application, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor.
…The corporate debtor, a Joint Venture Company…
Two registered valuers, M/s. Jagdish Mistry and…
Sign in to view related legal provisions.