This case involves an appeal against an order dated 04.01.2021 passed by the National Company Law Tribunal, Hyderabad Bench, regarding I.A. No. 555 of 2020 in CP (IB) No.143/07/HDB/2019. The appeal was filed by Telangana State Trade Promotion Corporation (TSTPC), challenging the decision that classified TSTPC as a 'related party' and directed the Resolution Professional to reconstitute the Committee of Creditors (CoC) accordingly. The dispute arises from a loan agreement and subsequent insolvency proceedings initiated by A.P. Gems & Jewellery Park Private Limited against the Corporate Debtor. The appellant, TSTPC, claims to be a financial creditor and contests its classification as a related party, arguing that it does not have significant influence over the
…In 2002, the Government of Andhra Pradesh (GoAP) through APSTC (later bifurcated into Andhra Pradesh and Telangana units) issued a tender for developing a showroom/marketplace for Gems and Jewellery in Hyderabad. IOI Corporation Berhad of Malaysia (IOIM) was the successful bidder. APSTC and IOIM entered into a Memorandum of Understanding (MoU) on 12.06.2002. A.P. Gems & Jewellery Park Private Limited (the First Respondent/Corporate Debtor) was incorporated on 24.09.2002. APSTC alienated the property to the First Respondent. APSTC was allotted equity and preferential shares in the First Respondent. A loan was extended to the First Respondent. The Second Respondent/Phoenix Tech Tower Pvt. Ltd. granted a loan to the Respondent No.2 Company. The Second Respondent held
…Sign in to view the parties.
Government of Andhra Pradesh (GoAP) through…
APSTC and IOI Corporation Berhad of…
This case involves an appeal against an order dated 04.01.2021 passed by the National Company Law Tribunal, Hyderabad Bench, regarding I.A. No. 555 of 2020 in CP (IB) No.143/07/HDB/2019. The appeal was filed by Telangana State Trade Promotion Corporation (TSTPC), challenging the decision that classified TSTPC as a 'related party' and directed the Resolution Professional to reconstitute the Committee of Creditors (CoC) accordingly. The dispute arises from a loan agreement and subsequent insolvency proceedings initiated by A.P. Gems & Jewellery Park Private Limited against the Corporate Debtor. The appellant, TSTPC, claims to be a financial creditor and contests its classification as a related party, arguing that it does not have significant influence over the
…In 2002, the Government of Andhra Pradesh (GoAP) through APSTC (later bifurcated into Andhra Pradesh and Telangana units) issued a tender for developing a showroom/marketplace for Gems and Jewellery in Hyderabad. IOI Corporation Berhad of Malaysia (IOIM) was the successful bidder. APSTC and IOIM entered into a Memorandum of Understanding (MoU) on 12.06.2002. A.P. Gems & Jewellery Park Private Limited (the First Respondent/Corporate Debtor) was incorporated on 24.09.2002. APSTC alienated the property to the First Respondent. APSTC was allotted equity and preferential shares in the First Respondent. A loan was extended to the First Respondent. The Second Respondent/Phoenix Tech Tower Pvt. Ltd. granted a loan to the Respondent No.2 Company. The Second Respondent held
…Government of Andhra Pradesh (GoAP) through…
APSTC and IOI Corporation Berhad of…