The Appellant, a Successful Resolution Applicant, challenged an order dated April 20, 2018, passed by the Adjudicating Authority (National Company Law Tribunal) Chandigarh Bench, which refused to approve its Resolution Plan. The rejection was based on the grounds that the consent of shareholders for the transfer of shares had not been obtained, there was discrimination in payment to Promoters and Operational Creditors, and two directors of the Corporate Debtor were allowed to be retained by the Resolution Applicant.
The Appellant, Tomorrows Sales Agency Pvt. Ltd., was a Successful Resolution Applicant whose Resolution Plan was rejected by the Adjudicating Authority (NCLT Chandigarh) on April 20, 2018. The rejection was based on three grounds: lack of shareholder consent for share transfer, discrimination in payment between Promoters and Operational Creditors, and retention of two directors of the Corporate Debtor by the Resolution Applicant. The Appellant claimed to have 94.5% shareholder consent and had revised the payment plan to offer 100% upfront payment to Operational Creditors. The Committee of Creditors approved the Resolution Plan with 100% voting share. The Adjudicating Authority rejected the plan, stating it lacked the power to revisit its order. The Resolution
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The Appellant, a Successful Resolution Applicant, challenged an order dated April 20, 2018, passed by the Adjudicating Authority (National Company Law Tribunal) Chandigarh Bench, which refused to approve its Resolution Plan. The rejection was based on the grounds that the consent of shareholders for the transfer of shares had not been obtained, there was discrimination in payment to Promoters and Operational Creditors, and two directors of the Corporate Debtor were allowed to be retained by the Resolution Applicant.
The Appellant, Tomorrows Sales Agency Pvt. Ltd., was a Successful Resolution Applicant whose Resolution Plan was rejected by the Adjudicating Authority (NCLT Chandigarh) on April 20, 2018. The rejection was based on three grounds: lack of shareholder consent for share transfer, discrimination in payment between Promoters and Operational Creditors, and retention of two directors of the Corporate Debtor by the Resolution Applicant. The Appellant claimed to have 94.5% shareholder consent and had revised the payment plan to offer 100% upfront payment to Operational Creditors. The Committee of Creditors approved the Resolution Plan with 100% voting share. The Adjudicating Authority rejected the plan, stating it lacked the power to revisit its order. The Resolution
…The Adjudicating Authority (NCLT Chandigarh)…
The Committee of…
Sign in to view related legal provisions.