These appeals arise from the approval of a resolution plan for Rainbow Papers Limited. Tourism Finance Corporation of India Limited (TFCI), Virag Enterprise, State Tax Officer, and Regional Provident Fund Commissioner-I filed appeals challenging the plan. TFCI claimed it was wrongly categorized as an unsecured creditor. Virag Enterprise, an operational creditor, alleged wrong distribution and delayed payment. The State Tax Officer sought payment of outstanding dues. The Regional Provident Fund Commissioner-I challenged the plan regarding provident fund payments. The Adjudicating Authority approved the resolution plan, leading to these appeals.
Rainbow Papers Limited underwent Corporate Insolvency Resolution Process (CIRP). The Resolution Professional filed an application for approval of the Resolution Plan submitted by Kushal Limited. Tourism Finance Corporation of India Ltd. (TFCI) claimed to be a secured creditor but was categorized as unsecured. TFCI had provided a corporate loan of Rs.30 Crores to Rainbow Papers, secured by pledge of equity shares and corporate guarantee. The loan defaulted, and TFCI issued notices. Virag Enterprise, an operational creditor, alleged wrong distribution and delayed payment under the Resolution Plan. The State Tax Officer (1) sought payment of Rs.47,35,72,314/- towards Value Added Tax/Central Sales Tax. The Regional Provident Fund Commissioner-I challenged the plan
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The Adjudicating Authority declared a moratorium…
The ‘Resolutio…
These appeals arise from the approval of a resolution plan for Rainbow Papers Limited. Tourism Finance Corporation of India Limited (TFCI), Virag Enterprise, State Tax Officer, and Regional Provident Fund Commissioner-I filed appeals challenging the plan. TFCI claimed it was wrongly categorized as an unsecured creditor. Virag Enterprise, an operational creditor, alleged wrong distribution and delayed payment. The State Tax Officer sought payment of outstanding dues. The Regional Provident Fund Commissioner-I challenged the plan regarding provident fund payments. The Adjudicating Authority approved the resolution plan, leading to these appeals.
Rainbow Papers Limited underwent Corporate Insolvency Resolution Process (CIRP). The Resolution Professional filed an application for approval of the Resolution Plan submitted by Kushal Limited. Tourism Finance Corporation of India Ltd. (TFCI) claimed to be a secured creditor but was categorized as unsecured. TFCI had provided a corporate loan of Rs.30 Crores to Rainbow Papers, secured by pledge of equity shares and corporate guarantee. The loan defaulted, and TFCI issued notices. Virag Enterprise, an operational creditor, alleged wrong distribution and delayed payment under the Resolution Plan. The State Tax Officer (1) sought payment of Rs.47,35,72,314/- towards Value Added Tax/Central Sales Tax. The Regional Provident Fund Commissioner-I challenged the plan
…The Adjudicating Authority declared a moratorium…
The ‘Resolutio…