This is an appeal filed by a Promoter of the Corporate Debtor challenging the order dated 20.12.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which rejected I.A. No.693/KB/2024 filed by the Appellant to recall the order dated 30.08.2023 passed by the Adjudicating Authority. The Corporate Debtor, Sarga Udaipur Hotels & Resorts Private Limited, had entered into a loan agreement with Housing and Urban Development Corporation Limited (HUDCO) for Rs.6907.92 Lakhs. HUDCO was empowered to appoint a Nominee Director in the Board of the Corporate Debtor. The Corporate Debtor filed an application under Section 10 of the I&B Code, and CIRP commenced against the Corporate Debtor by order dated 29.04.2022. HUDCO filed a
…The Corporate Debtor, Sarga Udaipur Hotels & Resorts Private Limited, entered into a loan agreement with HUDCO for Rs.6907.92 Lakhs. HUDCO was empowered to appoint a Nominee Director in the Board of the Corporate Debtor. The Corporate Debtor filed an application under Section 10 of the I&B Code, leading to the commencement of CIRP. HUDCO filed a claim in the CIRP for Rs.23,82,02,414/-, and the Resolution Professional admitted Rs.20,60,55,675/-. The Resolution Professional initially refused to include HUDCO in the CoC, considering it a related party under Section 5(24) of the I&B Code. HUDCO filed I.A. No. 514/KB/2022 seeking direction to be included in the CoC. The Adjudicating Authority allowed HUDCO's application on 30.08.2023, holding that HUDCO is not a
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Sarga Udaipur Hotels & Resorts Private…
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This is an appeal filed by a Promoter of the Corporate Debtor challenging the order dated 20.12.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which rejected I.A. No.693/KB/2024 filed by the Appellant to recall the order dated 30.08.2023 passed by the Adjudicating Authority. The Corporate Debtor, Sarga Udaipur Hotels & Resorts Private Limited, had entered into a loan agreement with Housing and Urban Development Corporation Limited (HUDCO) for Rs.6907.92 Lakhs. HUDCO was empowered to appoint a Nominee Director in the Board of the Corporate Debtor. The Corporate Debtor filed an application under Section 10 of the I&B Code, and CIRP commenced against the Corporate Debtor by order dated 29.04.2022. HUDCO filed a
…The Corporate Debtor, Sarga Udaipur Hotels & Resorts Private Limited, entered into a loan agreement with HUDCO for Rs.6907.92 Lakhs. HUDCO was empowered to appoint a Nominee Director in the Board of the Corporate Debtor. The Corporate Debtor filed an application under Section 10 of the I&B Code, leading to the commencement of CIRP. HUDCO filed a claim in the CIRP for Rs.23,82,02,414/-, and the Resolution Professional admitted Rs.20,60,55,675/-. The Resolution Professional initially refused to include HUDCO in the CoC, considering it a related party under Section 5(24) of the I&B Code. HUDCO filed I.A. No. 514/KB/2022 seeking direction to be included in the CoC. The Adjudicating Authority allowed HUDCO's application on 30.08.2023, holding that HUDCO is not a
…Sarga Udaipur Hotels & Resorts Private…
Adjudicating Authority…