The case involves appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal, Special Bench, Court – I, Hyderabad) in relation to the Corporate Insolvency Resolution Process (CIRP) of Aster Private Limited. Triumph Commodities Pte. Limited, claiming to be a Resolution Applicant, challenged the rejection of its resolution plan and the subsequent order for liquidation of the Corporate Debtor. The appeals arise from IA No. 446/2021, where Triumph Commodities sought directions to the Committee of Creditors (CoC) to consider its revised resolution plan, and IA No. 259/2021, where the RP sought liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC).
Triumph Commodities Pte. Limited participated in the CIRP of Aster Private Limited as a Resolution Applicant. They submitted a revised Resolution Plan on 19.05.2019 and subsequently filed IA446/2021 seeking a direction to the CoC to consider their plan. The RP received the revised plan via email on 16.08.2021. The RP filed a counter affidavit in IA446/21 requesting the Adjudicating Authority to dismiss the IA and liquidate the Corporate Debtor. The CoC believed the revised plan of 16.08.2021 was feasible, but IA446/2021 was dismissed because the 330-day period had expired. The Corporate Debtor was admitted into CIRP on 19.11.2019 under Section 7 of the IBC. The RP issued an invitation for Expression of Interest (EoI) on 30.01.2020, and Triumph Commodities was
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The RP issued an…
The case involves appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal, Special Bench, Court – I, Hyderabad) in relation to the Corporate Insolvency Resolution Process (CIRP) of Aster Private Limited. Triumph Commodities Pte. Limited, claiming to be a Resolution Applicant, challenged the rejection of its resolution plan and the subsequent order for liquidation of the Corporate Debtor. The appeals arise from IA No. 446/2021, where Triumph Commodities sought directions to the Committee of Creditors (CoC) to consider its revised resolution plan, and IA No. 259/2021, where the RP sought liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC).
Triumph Commodities Pte. Limited participated in the CIRP of Aster Private Limited as a Resolution Applicant. They submitted a revised Resolution Plan on 19.05.2019 and subsequently filed IA446/2021 seeking a direction to the CoC to consider their plan. The RP received the revised plan via email on 16.08.2021. The RP filed a counter affidavit in IA446/21 requesting the Adjudicating Authority to dismiss the IA and liquidate the Corporate Debtor. The CoC believed the revised plan of 16.08.2021 was feasible, but IA446/2021 was dismissed because the 330-day period had expired. The Corporate Debtor was admitted into CIRP on 19.11.2019 under Section 7 of the IBC. The RP issued an invitation for Expression of Interest (EoI) on 30.01.2020, and Triumph Commodities was
…The 'Corporate Debtor'…
The RP issued an…