The appeals were filed against the order dated 2023-12-27 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-II, which rejected two I.As. filed by the Appellant for substituting another entity, UV Stressed Assets Management Private Limited. The Appellant was the Resolution Applicant whose Resolution Plan was approved by order dated 2020-06-09. The Appellant filed an application praying for substitution of Resolution Applicant with another entity, which was rejected by the Adjudicating Authority.
UV Asset Reconstruction Company Ltd. & Anr. filed appeals against an order passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-II, dated 2023-12-27. The Adjudicating Authority rejected two I.As. filed by the Appellant seeking to substitute another entity, UV Stressed Assets Management Private Limited, as the Resolution Applicant. The Appellant's Resolution Plan had been approved earlier on 2020-06-09. The Appellant argued that they should be allowed to substitute the Resolution Applicant because Asset Reconstruction Companies cannot be Resolution Applicants without achieving a certain net worth, and the Reserve Bank of India had issued a show cause notice against them, a matter pending before the Delhi High Court. The
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The appeals were filed against the order dated 2023-12-27 passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-II, which rejected two I.As. filed by the Appellant for substituting another entity, UV Stressed Assets Management Private Limited. The Appellant was the Resolution Applicant whose Resolution Plan was approved by order dated 2020-06-09. The Appellant filed an application praying for substitution of Resolution Applicant with another entity, which was rejected by the Adjudicating Authority.
UV Asset Reconstruction Company Ltd. & Anr. filed appeals against an order passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-II, dated 2023-12-27. The Adjudicating Authority rejected two I.As. filed by the Appellant seeking to substitute another entity, UV Stressed Assets Management Private Limited, as the Resolution Applicant. The Appellant's Resolution Plan had been approved earlier on 2020-06-09. The Appellant argued that they should be allowed to substitute the Resolution Applicant because Asset Reconstruction Companies cannot be Resolution Applicants without achieving a certain net worth, and the Reserve Bank of India had issued a show cause notice against them, a matter pending before the Delhi High Court. The
…The Appellant's…
The Adjudicating Authority (National Company…
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