The case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which rejected a resolution plan submitted by Edelweiss Asset Reconstruction Company Ltd. and ordered the liquidation of Bharti Defence and Infrastructure Ltd. The resolution plan had been approved by the Committee of Creditors with a vote share of 94.3%. The Adjudicating Authority's decision was based on its assessment of the resolution plan and concerns regarding the company's operations and financial viability. The appellant, a shareholder, challenged the liquidation order, alleging material irregularity and fraud by the Resolution Professional.
Bharti Defence and Infrastructure Ltd. ('Corporate Debtor') faced insolvency proceedings. A resolution plan submitted by Edelweiss Asset Reconstruction Company Ltd. was approved by the Committee of Creditors with a 94.3% vote share. The Adjudicating Authority (NCLT), Mumbai Bench, rejected the resolution plan on January 14, 2019, and ordered liquidation under Section 33 of the IBC. The Corporate Debtor held a license from the Ministry of Defence to build defence warships and had substantial orders under execution. The company had over 850 employees whose salaries were unpaid. The Resolution Professional was alleged to have delegated duties and responsibilities and was not independent. The Adjudicating Authority directed the liquidator to sell the Corporate Debtor as a
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The Adjudicating Authority (National Company…
The appellate tribunal disposed of the…
The case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which rejected a resolution plan submitted by Edelweiss Asset Reconstruction Company Ltd. and ordered the liquidation of Bharti Defence and Infrastructure Ltd. The resolution plan had been approved by the Committee of Creditors with a vote share of 94.3%. The Adjudicating Authority's decision was based on its assessment of the resolution plan and concerns regarding the company's operations and financial viability. The appellant, a shareholder, challenged the liquidation order, alleging material irregularity and fraud by the Resolution Professional.
Bharti Defence and Infrastructure Ltd. ('Corporate Debtor') faced insolvency proceedings. A resolution plan submitted by Edelweiss Asset Reconstruction Company Ltd. was approved by the Committee of Creditors with a 94.3% vote share. The Adjudicating Authority (NCLT), Mumbai Bench, rejected the resolution plan on January 14, 2019, and ordered liquidation under Section 33 of the IBC. The Corporate Debtor held a license from the Ministry of Defence to build defence warships and had substantial orders under execution. The company had over 850 employees whose salaries were unpaid. The Resolution Professional was alleged to have delegated duties and responsibilities and was not independent. The Adjudicating Authority directed the liquidator to sell the Corporate Debtor as a
…The Adjudicating Authority (National Company…
The appellate tribunal disposed of the…