The appeal was filed against the order dated 06.01.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Indore Bench, Court No.1, by which order IA/190(MP)2021 filed by the Resolution Professional for approval of the Resolution Plan has been rejected. The Appellant, who was the Successful Resolution Applicant, was aggrieved by the order rejecting his Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against Corporate Debtor- ‘M/s. Ujaas Energy Limited' vide order dated 17.09.2020. The Appellant submitted its Resolution Plan, which was approved by the CoC with 78.04% vote shares on 30.08.2021. The Adjudicating Authority rejected I.A No.190 of 2021, stating that CoC cannot extinguish the right of a particular
…The Corporate Insolvency Resolution Process (CIRP) was initiated against ‘M/s. Ujaas Energy Limited' on 17.09.2020. The Appellant submitted a Resolution Plan, which was approved by the Committee of Creditors (CoC) with a 78.04% vote share on 30.08.2021. The Resolution Plan proposed a payment of INR 74,81,75,744/- against a liquidation value of INR 43,08,09,000/-, with INR 45,00,00,000/- towards the value of the Corporate Debtor and INR 23,81,75,744/- towards the release of personal guarantees. Bank of Baroda, a CoC member with a 5.83% voting share, objected to the Resolution Plan, arguing that it provided for the extinguishment of rights under personal guarantees. The Adjudicating Authority rejected the Resolution Plan on 06.01.2023, stating that the CoC
…Sign in to view the parties.
Corporate Insolvency Resolution Process (CIRP)…
Resolution Plan of the…
The appeal was filed against the order dated 06.01.2023 passed by the Adjudicating Authority (National Company Law Tribunal), Indore Bench, Court No.1, by which order IA/190(MP)2021 filed by the Resolution Professional for approval of the Resolution Plan has been rejected. The Appellant, who was the Successful Resolution Applicant, was aggrieved by the order rejecting his Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against Corporate Debtor- ‘M/s. Ujaas Energy Limited' vide order dated 17.09.2020. The Appellant submitted its Resolution Plan, which was approved by the CoC with 78.04% vote shares on 30.08.2021. The Adjudicating Authority rejected I.A No.190 of 2021, stating that CoC cannot extinguish the right of a particular
…The Corporate Insolvency Resolution Process (CIRP) was initiated against ‘M/s. Ujaas Energy Limited' on 17.09.2020. The Appellant submitted a Resolution Plan, which was approved by the Committee of Creditors (CoC) with a 78.04% vote share on 30.08.2021. The Resolution Plan proposed a payment of INR 74,81,75,744/- against a liquidation value of INR 43,08,09,000/-, with INR 45,00,00,000/- towards the value of the Corporate Debtor and INR 23,81,75,744/- towards the release of personal guarantees. Bank of Baroda, a CoC member with a 5.83% voting share, objected to the Resolution Plan, arguing that it provided for the extinguishment of rights under personal guarantees. The Adjudicating Authority rejected the Resolution Plan on 06.01.2023, stating that the CoC
…Corporate Insolvency Resolution Process (CIRP)…
Resolution Plan of the…