This is a Company Appeal filed by State Bank of India against the order dated 19.11.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Court-I in IA No.26 of 2024 in C.P.(IB) No.211/CDH/HRY/2019. The Adjudicating Authority rejected IA No.26 of 2024 filed by the Appellant, aggrieved by which order this appeal has been filed. The application sought to remit the resolution plan back to the Committee of Creditors (CoC) for further review, issue a fresh Form G, and extend the CIRP period. The Adjudicating Authority rejected the application, leading to the appeal.
The Adjudicating Authority admitted a Section 9 application against the corporate debtor, Eon Electric Limited, on 13.10.2020. Ritu Rastogi was appointed as the Resolution Professional. The CoC approved a resolution plan submitted by Santoshi Hyvolt Electricals Pvt. Ltd. (SRA) on 11.08.2022 with a 99.26% vote share. The Resolution Professional filed IA No.1629 of 2022 seeking approval of the Resolution Plan on 01.10.2022. EESL, to whom the corporate debtor gave bank guarantees, invoked these guarantees on 08.02.2023, 12.07.2023, and 19.09.2023, amounting to Rs.15.84 Crores. The CIRP costs increased to Rs.23 Crores. The financial creditor paid PF dues of Rs.96,80,894/- and gratuity dues of Rs.1,99,386/-. An additional requirement of Rs.2.21 Crores was added to the CIRP
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The Adjudicating…
The CoC approved the resolution plan submitted…
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This is a Company Appeal filed by State Bank of India against the order dated 19.11.2024 passed by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Court-I in IA No.26 of 2024 in C.P.(IB) No.211/CDH/HRY/2019. The Adjudicating Authority rejected IA No.26 of 2024 filed by the Appellant, aggrieved by which order this appeal has been filed. The application sought to remit the resolution plan back to the Committee of Creditors (CoC) for further review, issue a fresh Form G, and extend the CIRP period. The Adjudicating Authority rejected the application, leading to the appeal.
The Adjudicating Authority admitted a Section 9 application against the corporate debtor, Eon Electric Limited, on 13.10.2020. Ritu Rastogi was appointed as the Resolution Professional. The CoC approved a resolution plan submitted by Santoshi Hyvolt Electricals Pvt. Ltd. (SRA) on 11.08.2022 with a 99.26% vote share. The Resolution Professional filed IA No.1629 of 2022 seeking approval of the Resolution Plan on 01.10.2022. EESL, to whom the corporate debtor gave bank guarantees, invoked these guarantees on 08.02.2023, 12.07.2023, and 19.09.2023, amounting to Rs.15.84 Crores. The CIRP costs increased to Rs.23 Crores. The financial creditor paid PF dues of Rs.96,80,894/- and gratuity dues of Rs.1,99,386/-. An additional requirement of Rs.2.21 Crores was added to the CIRP
…The Adjudicating…
The CoC approved the resolution plan submitted…
Sign in to view related legal provisions.