The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi) on May 31, 2021, in IA/901/2021 in CP (IB)/470(ND)/2019. The Adjudicating Authority allowed an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, 'Durha Vitrak Private Limited'. The Appellant, M/s. Unicon Buildtech, a prospective Resolution Applicant, claims that the Committee of Creditors (CoC) rejected its Resolution Plan despite it offering a higher amount than the total debt of the Corporate Debtor. The Appellant argues that the CoC acted arbitrarily and in defiance of the objectives of the Insolvency and Bankruptcy Code (IBC).
M/s. Unicon Buildtech, a prospective resolution applicant, submitted a resolution plan for Durha Vitrak Private Limited, the corporate debtor. The resolution plan was revised after discussions with the Committee of Creditors (CoC). The 6th CoC meeting was scheduled for January 28, 2021. On January 27, 2021, Unicon Buildtech informed the Resolution Professional about the unavailability of their professional team due to farmer protests and internet connectivity issues. Despite this, the CoC proceeded with the meeting and rejected Unicon Buildtech's resolution plan. The CoC cited reasons such as the plan being conditional, lacking a clear revenue model, and not providing for upfront payments to creditors. Unicon Buildtech claims their plan offered Rs.77 Crores against a
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Section 7 Appl…
Appellant sent an email stating their team was…
The case involves an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi) on May 31, 2021, in IA/901/2021 in CP (IB)/470(ND)/2019. The Adjudicating Authority allowed an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, 'Durha Vitrak Private Limited'. The Appellant, M/s. Unicon Buildtech, a prospective Resolution Applicant, claims that the Committee of Creditors (CoC) rejected its Resolution Plan despite it offering a higher amount than the total debt of the Corporate Debtor. The Appellant argues that the CoC acted arbitrarily and in defiance of the objectives of the Insolvency and Bankruptcy Code (IBC).
M/s. Unicon Buildtech, a prospective resolution applicant, submitted a resolution plan for Durha Vitrak Private Limited, the corporate debtor. The resolution plan was revised after discussions with the Committee of Creditors (CoC). The 6th CoC meeting was scheduled for January 28, 2021. On January 27, 2021, Unicon Buildtech informed the Resolution Professional about the unavailability of their professional team due to farmer protests and internet connectivity issues. Despite this, the CoC proceeded with the meeting and rejected Unicon Buildtech's resolution plan. The CoC cited reasons such as the plan being conditional, lacking a clear revenue model, and not providing for upfront payments to creditors. Unicon Buildtech claims their plan offered Rs.77 Crores against a
…Section 7 Appl…
Appellant sent an email stating their team was…