The appeal was filed by 'Stressed Assets Stabilization Fund' (SASF), a financial creditor, against an order dated September 27, 2019, passed by the National Company Law Tribunal (NCLT), Kolkata Bench, regarding the corporate insolvency resolution process of 'Fort Gloster Industries Ltd.' The NCLT had disposed of several applications, including one preferred by the Appellant, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The resolution plan submitted by 'Gloster Limited' was approved by the Committee of Creditors (CoC) in its meeting on April 24, 2019. The Resolution Professional then filed the approved resolution plan before the Adjudicating Authority for approval under Section 31 of the I&B Code. The Appellant raised objections,
…The 'Stressed Assets Stabilization Fund' (SASF) filed an appeal against the NCLT's order approving a resolution plan for 'Fort Gloster Industries Ltd.' The Corporate Insolvency Resolution Process (CIRP) was initiated against 'Fort Gloster Industries Ltd.' The resolution plan, submitted by 'Gloster Limited', was approved by the Committee of Creditors (CoC) on April 24, 2019. The Appellant raised objections, claiming the plan violated Section 30(2) of the I&B Code by not being equitable and non-discriminatory. SASF claimed to be a first charge holder, but the Adjudicating Authority found no evidence of this. The Resolution Professional argued that the Appellant was seeking preferential treatment despite dissenting in the CoC meetings. The average liquidation value of
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The National Company Law Tribunal (NCLT),…
The appeal was filed by 'Stressed Assets Stabilization Fund' (SASF), a financial creditor, against an order dated September 27, 2019, passed by the National Company Law Tribunal (NCLT), Kolkata Bench, regarding the corporate insolvency resolution process of 'Fort Gloster Industries Ltd.' The NCLT had disposed of several applications, including one preferred by the Appellant, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The resolution plan submitted by 'Gloster Limited' was approved by the Committee of Creditors (CoC) in its meeting on April 24, 2019. The Resolution Professional then filed the approved resolution plan before the Adjudicating Authority for approval under Section 31 of the I&B Code. The Appellant raised objections,
…The 'Stressed Assets Stabilization Fund' (SASF) filed an appeal against the NCLT's order approving a resolution plan for 'Fort Gloster Industries Ltd.' The Corporate Insolvency Resolution Process (CIRP) was initiated against 'Fort Gloster Industries Ltd.' The resolution plan, submitted by 'Gloster Limited', was approved by the Committee of Creditors (CoC) on April 24, 2019. The Appellant raised objections, claiming the plan violated Section 30(2) of the I&B Code by not being equitable and non-discriminatory. SASF claimed to be a first charge holder, but the Adjudicating Authority found no evidence of this. The Resolution Professional argued that the Appellant was seeking preferential treatment despite dissenting in the CoC meetings. The average liquidation value of
…The Committee of…
The National Company Law Tribunal (NCLT),…