Somani Worsted Limited (Appellant) challenged an NCLT order that upheld the Resolution Professional's (RP) decision to unilaterally delete its admitted claim from the list of creditors during the CIRP of Celebration City Projects Private Limited (Corporate Debtor). The Appellant had initially invested Rs.9.77 Crores for commercial space in the Corporate Debtor's project, routed through AEZ Infratech Private Limited, and its claim was provisionally admitted by the RP. However, following an objection from a related party, the RP re-evaluated and rejected the claim, leading to the Appellant's removal from the Committee of Creditors.
A Memorandum of Understanding (MoU) was executed on 08.01.2010 between Somani Worsted Limited (Appellant) and AEZ Infratech Private Limited (now ADTV Communications Private Limited) for booking commercial space.
The Appellant advanced Rs.13,60,00,000/- to AEZ on 12.01.2010 for the booking.
AEZ subsequently expressed inability to procure land for the proposed project.
Through an Inter-Corporate Memo dated 04.10.2010, AEZ Infratech Private Limited proposed investing a part of the advanced amount into a project developed by Celebration City Projects Private Limited (Corporate Debtor).
The Appellant agreed via its own Inter-Corporate Memo on 04.10.2010 to invest Rs.9,77,00,000/- (already with AEZ) in the Corporate Debtor's project.
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Somani Worsted Limited (Appellant) challenged an NCLT order that upheld the Resolution Professional's (RP) decision to unilaterally delete its admitted claim from the list of creditors during the CIRP of Celebration City Projects Private Limited (Corporate Debtor). The Appellant had initially invested Rs.9.77 Crores for commercial space in the Corporate Debtor's project, routed through AEZ Infratech Private Limited, and its claim was provisionally admitted by the RP. However, following an objection from a related party, the RP re-evaluated and rejected the claim, leading to the Appellant's removal from the Committee of Creditors.
A Memorandum of Understanding (MoU) was executed on 08.01.2010 between Somani Worsted Limited (Appellant) and AEZ Infratech Private Limited (now ADTV Communications Private Limited) for booking commercial space.
The Appellant advanced Rs.13,60,00,000/- to AEZ on 12.01.2010 for the booking.
AEZ subsequently expressed inability to procure land for the proposed project.
Through an Inter-Corporate Memo dated 04.10.2010, AEZ Infratech Private Limited proposed investing a part of the advanced amount into a project developed by Celebration City Projects Private Limited (Corporate Debtor).
The Appellant agreed via its own Inter-Corporate Memo on 04.10.2010 to invest Rs.9,77,00,000/- (already with AEZ) in the Corporate Debtor's project.
…Memorandum of Understanding executed between…
Appellant advanced…