The appeal was filed against the Impugned Order dated 1st August, 2019, passed by the National Company Law Tribunal, Mumbai Bench, which approved the Resolution Plan of M/s. Sai Agro (India) Chemicals (Respondent No.2 – SRA). The Appellant, promoter and Director of the Corporate Debtor, claimed the Corporate Debtor is MSME. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by a Financial Creditor against the Corporate Debtor. The Appellant contested the acceptance of the Resolution Plan, alleging material irregularities and non-compliance with IBC provisions.
Shri Swwapnil Bhingardevay, the promoter and Director of the Corporate Debtor, filed an appeal against the approval of the Resolution Plan of M/s. Sai Agro (India) Chemicals (SRA). The Corporate Debtor, Khandoba Prasanna Sakharkar Khana Limited, underwent CIRP after an application under Section 7 of IBC was filed by The Karad Urban Co-operative Bank Ltd. The Appellant claimed the Corporate Debtor is an MSME. The Appellant argued that the Resolution Plan was approved with material irregularities, including the failure to maintain confidentiality regarding the liquidation value, non-publication of a proper notice inviting expression of interest, and the hasty approval of the Plan without due examination. The Appellant also pointed out that the Resolution Plan did not
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Application fil…
Second meeting of COC…
The appeal was filed against the Impugned Order dated 1st August, 2019, passed by the National Company Law Tribunal, Mumbai Bench, which approved the Resolution Plan of M/s. Sai Agro (India) Chemicals (Respondent No.2 – SRA). The Appellant, promoter and Director of the Corporate Debtor, claimed the Corporate Debtor is MSME. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by a Financial Creditor against the Corporate Debtor. The Appellant contested the acceptance of the Resolution Plan, alleging material irregularities and non-compliance with IBC provisions.
Shri Swwapnil Bhingardevay, the promoter and Director of the Corporate Debtor, filed an appeal against the approval of the Resolution Plan of M/s. Sai Agro (India) Chemicals (SRA). The Corporate Debtor, Khandoba Prasanna Sakharkar Khana Limited, underwent CIRP after an application under Section 7 of IBC was filed by The Karad Urban Co-operative Bank Ltd. The Appellant claimed the Corporate Debtor is an MSME. The Appellant argued that the Resolution Plan was approved with material irregularities, including the failure to maintain confidentiality regarding the liquidation value, non-publication of a proper notice inviting expression of interest, and the hasty approval of the Plan without due examination. The Appellant also pointed out that the Resolution Plan did not
…Application fil…
Second meeting of COC…