The appeal was filed by the Successful Resolution Applicant, M/s Renganayaki Agencies, challenging an order of the Adjudicating Authority (NCLT, Hyderabad Bench) that directed the Committee of Creditors to conduct fresh bids for the resolution plan, despite the appellant's plan having been approved with 100% voting share.
The appellant, M/s Renganayaki Agencies, a successful resolution applicant, filed an appeal against an order dated February 24, 2021, passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench). The Adjudicating Authority's order, in IA No. 1094/2020 in CP No. 153/7/HDB/2019, directed the Committee of Creditors to take fresh bids from the existing two resolution applicants within one month, despite the resolution plan of M/s. KALS Group having been approved with 100% voting. The Adjudicating Authority observed that while the resolution plans of M/s. KALS Group and Mr. Chava Suresh Babu were almost equally placed, with KALS Group scoring higher on faster payment, there was a scope for further improvement in the resolution amount. This led to
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An order was passed denying unsuccessful…
The Adjudicating Authority passed an order in…
The appeal was filed by the Successful Resolution Applicant, M/s Renganayaki Agencies, challenging an order of the Adjudicating Authority (NCLT, Hyderabad Bench) that directed the Committee of Creditors to conduct fresh bids for the resolution plan, despite the appellant's plan having been approved with 100% voting share.
The appellant, M/s Renganayaki Agencies, a successful resolution applicant, filed an appeal against an order dated February 24, 2021, passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench). The Adjudicating Authority's order, in IA No. 1094/2020 in CP No. 153/7/HDB/2019, directed the Committee of Creditors to take fresh bids from the existing two resolution applicants within one month, despite the resolution plan of M/s. KALS Group having been approved with 100% voting. The Adjudicating Authority observed that while the resolution plans of M/s. KALS Group and Mr. Chava Suresh Babu were almost equally placed, with KALS Group scoring higher on faster payment, there was a scope for further improvement in the resolution amount. This led to
…An order was passed denying unsuccessful…
The Adjudicating Authority passed an order in…