The appeal was filed against the order dated 11.06.2024 passed by the National Company Law Tribunal, Kolkata, which dismissed IA No. 237/KB/2024 in CP (IB) No. 666/(KB)/2020. The appellants, NCD holders of Ashiana Landcraft Realty Pvt. Ltd., claimed they were denied their rightful dues under the approved resolution plan.
CIRP of Ashiana Landcraft Realty Pvt. Ltd. was initiated on 11.01.2022.
Jayesh Sanghrajka was appointed as the IRP and later confirmed as RP.
188 investors (NCD holders) invested approximately Rs. 80 Crore in the CD under a Portfolio Management Scheme facilitated by Piramal Fund Manager.
These NCDs were secured with IDBI Trusteeship, appointed as a trustee for NCD holders.
During CIRP, the claim of Rs. 146.92 Crore was admitted by the RP.
The resolution plan submitted by the Resolution Applicant proposed to pay Rs. 16,10,87,665/- (21.47% of the total debt) to the PMS.
The CoC included IDBI Trusteeship Services- Piramal Fund Manager with 13.5% voting share.
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CIRP of Ashiana…
Resolution Plan…
The appeal was filed against the order dated 11.06.2024 passed by the National Company Law Tribunal, Kolkata, which dismissed IA No. 237/KB/2024 in CP (IB) No. 666/(KB)/2020. The appellants, NCD holders of Ashiana Landcraft Realty Pvt. Ltd., claimed they were denied their rightful dues under the approved resolution plan.
CIRP of Ashiana Landcraft Realty Pvt. Ltd. was initiated on 11.01.2022.
Jayesh Sanghrajka was appointed as the IRP and later confirmed as RP.
188 investors (NCD holders) invested approximately Rs. 80 Crore in the CD under a Portfolio Management Scheme facilitated by Piramal Fund Manager.
These NCDs were secured with IDBI Trusteeship, appointed as a trustee for NCD holders.
During CIRP, the claim of Rs. 146.92 Crore was admitted by the RP.
The resolution plan submitted by the Resolution Applicant proposed to pay Rs. 16,10,87,665/- (21.47% of the total debt) to the PMS.
The CoC included IDBI Trusteeship Services- Piramal Fund Manager with 13.5% voting share.
…CIRP of Ashiana…
Resolution Plan…