The case involves an appeal against a resolution plan under the Insolvency and Bankruptcy Code, 2016. The 'Committee of Creditors' appeared, and one of its members was treated as served. The core issue revolves around the transfer of shares and whether the 'Resolution Applicant' obtained the consent of 76% of the shareholders for the transfer of their shares. The court observed that the resolution plan appeared to potentially violate Section 30(2)(e) of the Insolvency and Bankruptcy Code, 2016, as it might have been prepared for transfer/acquisition of shares without following the procedures outlined in the Companies Act, 2013, or without obtaining the necessary shareholder consent.
Tomorrows Sales Agency Pvt. Ltd. filed an appeal against Rajiv Khurana, the Resolution Professional (RP) of Power Himalayas Ltd. & Ors. The core issue is whether the 'Resolution Applicant' obtained the consent of 76% of the shareholders for the transfer of their shares as part of the 'Resolution Plan'. The court observed that the 'Resolution Plan' appeared to have been prepared without following the procedure for transfer of shares in accordance with the Companies Act, 2013, or without taking the consent of shareholders. The court noted a potential violation of Section 30(2)(e) of the Insolvency and Bankruptcy Code, 2016. The 'Committee of Creditors' was present during the proceedings. The appellant was directed to file a supplementary affidavit providing evidence
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The case involves an appeal against a resolution plan under the Insolvency and Bankruptcy Code, 2016. The 'Committee of Creditors' appeared, and one of its members was treated as served. The core issue revolves around the transfer of shares and whether the 'Resolution Applicant' obtained the consent of 76% of the shareholders for the transfer of their shares. The court observed that the resolution plan appeared to potentially violate Section 30(2)(e) of the Insolvency and Bankruptcy Code, 2016, as it might have been prepared for transfer/acquisition of shares without following the procedures outlined in the Companies Act, 2013, or without obtaining the necessary shareholder consent.
Tomorrows Sales Agency Pvt. Ltd. filed an appeal against Rajiv Khurana, the Resolution Professional (RP) of Power Himalayas Ltd. & Ors. The core issue is whether the 'Resolution Applicant' obtained the consent of 76% of the shareholders for the transfer of their shares as part of the 'Resolution Plan'. The court observed that the 'Resolution Plan' appeared to have been prepared without following the procedure for transfer of shares in accordance with the Companies Act, 2013, or without taking the consent of shareholders. The court noted a potential violation of Section 30(2)(e) of the Insolvency and Bankruptcy Code, 2016. The 'Committee of Creditors' was present during the proceedings. The appellant was directed to file a supplementary affidavit providing evidence
…The court issued an order regarding the…
The matter was…
Sign in to view related legal provisions.