The appeal was filed against the order dated 02.03.2020 passed by the Adjudicating Authority (NCLT, Cuttack Bench) in CP No.352 of 2018, which approved the Resolution Plan of the 3rd Respondent (Arcelor Mittal India Private Limited). The Appellant, Srei Multiple Asset Investment Trust, challenged the approval, arguing that the 3rd Respondent was ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC) and that the Resolution Plan discriminated between shareholders.
Srei Multiple Asset Investment Trust (the Appellant) is a trust registered under the Indian Trusts Act, 1882, and registered as a category-II Alternative Investment Fund under the SEBI Regulations, 2016. The Appellant invested Rs.60 Crore for acquiring 60 lakh equity shares of Odisha Slurry Pipe Line Infrastructure Limited (OSPIL), the 2nd Respondent and Corporate Debtor. Share Subscription Agreements were executed between the Appellant and OSPIL. Essar is another shareholder of OSPIL, holding Compulsorily Convertible Debentures (CCDs) with a principal value of Rs.50.01 Crores. CIRP was initiated against OSPIL on 14.05.2019 at the instance of IDBI Bank Ltd (1st Respondent). OSPIL's main asset is a pipeline, which was transferred from Essar to OSPIL under a Business
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Proceedings be…
Resolution Plan of the 3rd Respondent approved…
The appeal was filed against the order dated 02.03.2020 passed by the Adjudicating Authority (NCLT, Cuttack Bench) in CP No.352 of 2018, which approved the Resolution Plan of the 3rd Respondent (Arcelor Mittal India Private Limited). The Appellant, Srei Multiple Asset Investment Trust, challenged the approval, arguing that the 3rd Respondent was ineligible under Section 29A of the Insolvency and Bankruptcy Code (IBC) and that the Resolution Plan discriminated between shareholders.
Srei Multiple Asset Investment Trust (the Appellant) is a trust registered under the Indian Trusts Act, 1882, and registered as a category-II Alternative Investment Fund under the SEBI Regulations, 2016. The Appellant invested Rs.60 Crore for acquiring 60 lakh equity shares of Odisha Slurry Pipe Line Infrastructure Limited (OSPIL), the 2nd Respondent and Corporate Debtor. Share Subscription Agreements were executed between the Appellant and OSPIL. Essar is another shareholder of OSPIL, holding Compulsorily Convertible Debentures (CCDs) with a principal value of Rs.50.01 Crores. CIRP was initiated against OSPIL on 14.05.2019 at the instance of IDBI Bank Ltd (1st Respondent). OSPIL's main asset is a pipeline, which was transferred from Essar to OSPIL under a Business
…Proceedings be…
Resolution Plan of the 3rd Respondent approved…