The Appellant, a shareholder, filed an appeal against an order dated August 27, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai. The impugned order approved the 'resolution plan' submitted by ‘Sai Baba Business solutions Pvt. Ltd.' The appellant contended collusion between the 7th & 8th Respondent and the erstwhile Managing Director, involving Rupees Five Crores in cash. The appeal was filed under Section 61(3) of the I&B Code.
S. Boomadevi & Anr. filed an appeal against the order of the Adjudicating Authority (NCLT, Chennai) which approved the resolution plan of Sai Baba Business Solutions Pvt. Ltd. The appeal was filed under Section 61(3) of the Insolvency and Bankruptcy Code (I&B Code). The appellant alleged collusion between the 7th & 8th Respondent and the erstwhile Managing Director, involving Rupees Five Crores in cash. The Committee of Creditors had approved the resolution plan with 89.51% of the voting share. The resolution plan provided for distribution of Rs. 28,55,06,654/- to secured and unsecured creditors. Unsecured Financial Creditors were provided with 27.53% of their claims, and Operational Creditors' claims reached 70 to 80% as noticed by the Adjudicating Authority.
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The Adjudicating Authority (National Company…
The Appellant 'Shareholder' filed an appeal…
The Appellant, a shareholder, filed an appeal against an order dated August 27, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai. The impugned order approved the 'resolution plan' submitted by ‘Sai Baba Business solutions Pvt. Ltd.' The appellant contended collusion between the 7th & 8th Respondent and the erstwhile Managing Director, involving Rupees Five Crores in cash. The appeal was filed under Section 61(3) of the I&B Code.
S. Boomadevi & Anr. filed an appeal against the order of the Adjudicating Authority (NCLT, Chennai) which approved the resolution plan of Sai Baba Business Solutions Pvt. Ltd. The appeal was filed under Section 61(3) of the Insolvency and Bankruptcy Code (I&B Code). The appellant alleged collusion between the 7th & 8th Respondent and the erstwhile Managing Director, involving Rupees Five Crores in cash. The Committee of Creditors had approved the resolution plan with 89.51% of the voting share. The resolution plan provided for distribution of Rs. 28,55,06,654/- to secured and unsecured creditors. Unsecured Financial Creditors were provided with 27.53% of their claims, and Operational Creditors' claims reached 70 to 80% as noticed by the Adjudicating Authority.
The Adjudicating Authority (National Company…
The Appellant 'Shareholder' filed an appeal…