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, which allowed an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Durha Vitrak Private Limited. The appellant, Unicon Buildtech, a prospective resolution applicant, claims that the Committee of Creditors (CoC) rejected their resolution plan arbitrarily, despite the appellant offering a higher amount than the total debt. The appellant argues that the CoC should have considered their plan and that the Adjudicating Authority passed the liquidation order without considering their pending application to present the resolution plan.
M/s. Unicon Buildtech, a prospective resolution applicant, filed an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi) on May 31, 2021. The Adjudicating Authority allowed an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Durha Vitrak Private Limited. Unicon Buildtech had submitted a resolution plan, along with earnest money, which was later revised based on discussions with the Committee of Creditors (CoC). The 6th CoC meeting was scheduled for January 28, 2021. On January 27, 2021, Unicon Buildtech sent an email stating their professional team was unavailable due to farmer protests affecting internet connectivity. Despite this, the CoC rejected Unicon
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Section 7 Appl…
Unicon Buildtech sent an email stating their…
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, which allowed an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Durha Vitrak Private Limited. The appellant, Unicon Buildtech, a prospective resolution applicant, claims that the Committee of Creditors (CoC) rejected their resolution plan arbitrarily, despite the appellant offering a higher amount than the total debt. The appellant argues that the CoC should have considered their plan and that the Adjudicating Authority passed the liquidation order without considering their pending application to present the resolution plan.
M/s. Unicon Buildtech, a prospective resolution applicant, filed an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Principal Bench, New Delhi) on May 31, 2021. The Adjudicating Authority allowed an application filed by the Resolution Professional seeking liquidation of the Corporate Debtor, Durha Vitrak Private Limited. Unicon Buildtech had submitted a resolution plan, along with earnest money, which was later revised based on discussions with the Committee of Creditors (CoC). The 6th CoC meeting was scheduled for January 28, 2021. On January 27, 2021, Unicon Buildtech sent an email stating their professional team was unavailable due to farmer protests affecting internet connectivity. Despite this, the CoC rejected Unicon
…Section 7 Appl…
Unicon Buildtech sent an email stating their…