The case involves two appeals (Company Appeal (AT)(Insolvency) No. 252 of 2020 and Company Appeal (AT)(Insolvency) No. 315 of 2020) arising from a common order dated 03 January 2020 passed by the Adjudicating Authority/National Company Law Tribunal, Division Bench, Chennai. The core issue revolves around whether ASK Investment Managers Limited (ASK), the Respondent No. 1, should be considered a related party to the Corporate Debtor, Ambojini Property Developers Private Limited, and consequently, whether it is eligible to be part of the Committee of Creditors (CoC). The appeals challenge the Adjudicating Authority's decision to allow ASK to be a member of the CoC with voting rights proportionate to its claim against the Corporate Debtor.
1. Two appeals were filed against a common order by the NCLT Chennai.
2. The core issue is whether ASK Investment Managers Limited (ASK) is a related party to Ambojini Property Developers Private Limited (Corporate Debtor) and eligible to be part of the Committee of Creditors (CoC).
3. The Adjudicating Authority allowed ASK to be a member of the CoC.
4. Appellant Association members are homebuyers; the Corporate Debtor was to complete a project by Dec. 2018, but defaulted on payments.
5. A member of the Appellate Association filed claims before RP as an Operational Creditor, triggering CIRP.
6. AA/NCLT, Chennai admitted Application u/s 9 of IBC, 2016.
7. V S Suresh, Corporate Debtor's Promoter and Shareholder, along with 'Real Value Promoters Private Limited' and landowners,
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Common Order passed by the Adjudicating…
Subscription and Shareholder's Agreement'…
The case involves two appeals (Company Appeal (AT)(Insolvency) No. 252 of 2020 and Company Appeal (AT)(Insolvency) No. 315 of 2020) arising from a common order dated 03 January 2020 passed by the Adjudicating Authority/National Company Law Tribunal, Division Bench, Chennai. The core issue revolves around whether ASK Investment Managers Limited (ASK), the Respondent No. 1, should be considered a related party to the Corporate Debtor, Ambojini Property Developers Private Limited, and consequently, whether it is eligible to be part of the Committee of Creditors (CoC). The appeals challenge the Adjudicating Authority's decision to allow ASK to be a member of the CoC with voting rights proportionate to its claim against the Corporate Debtor.
1. Two appeals were filed against a common order by the NCLT Chennai.
2. The core issue is whether ASK Investment Managers Limited (ASK) is a related party to Ambojini Property Developers Private Limited (Corporate Debtor) and eligible to be part of the Committee of Creditors (CoC).
3. The Adjudicating Authority allowed ASK to be a member of the CoC.
4. Appellant Association members are homebuyers; the Corporate Debtor was to complete a project by Dec. 2018, but defaulted on payments.
5. A member of the Appellate Association filed claims before RP as an Operational Creditor, triggering CIRP.
6. AA/NCLT, Chennai admitted Application u/s 9 of IBC, 2016.
7. V S Suresh, Corporate Debtor's Promoter and Shareholder, along with 'Real Value Promoters Private Limited' and landowners,
Common Order passed by the Adjudicating…
Subscription and Shareholder's Agreement'…