The appellant, Vijayalakshmi Enterprises, filed an application under Section 7 of the I&B Code, which was dismissed by the Adjudicating Authority (National Company Law Tribunal), Division Bench-I, Chennai. The Adjudicating Authority noted that the Resolution Plan had a saving clause for the Financial Creditor, providing payment based on the outcome of legal proceedings. The claim of the Financial Creditor was initially rejected by the Resolution Professional, and the Resolution Applicant submitted the Resolution Plan to the Committee of Creditors, which was approved by the Adjudicating Authority. The Adjudicating Authority held that the amount payable to the Financial Creditor had not been crystallized. The Resolution Plan for the Corporate Debtor, Malabar Hotels
…Vijayalakshmi Enterprises (Appellant) filed an application under Section 7 of the I&B Code against Malabar Hotels Pvt. Ltd. (Corporate Debtor). The application was dismissed by the Adjudicating Authority (National Company Law Tribunal), Chennai. The dismissal was based on the fact that the Resolution Plan for Malabar Hotels Pvt. Ltd. had a saving clause for the Financial Creditor, stipulating payment based on the outcome of legal proceedings. The claim of the Financial Creditor had been initially rejected by the Resolution Professional. The Resolution Plan was approved by the Adjudicating Authority on September 17, 2018. The appellant sought initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. The appellant's claim was to be paid on
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The appellant, Vijayalakshmi Enterprises, filed an application under Section 7 of the I&B Code, which was dismissed by the Adjudicating Authority (National Company Law Tribunal), Division Bench-I, Chennai. The Adjudicating Authority noted that the Resolution Plan had a saving clause for the Financial Creditor, providing payment based on the outcome of legal proceedings. The claim of the Financial Creditor was initially rejected by the Resolution Professional, and the Resolution Applicant submitted the Resolution Plan to the Committee of Creditors, which was approved by the Adjudicating Authority. The Adjudicating Authority held that the amount payable to the Financial Creditor had not been crystallized. The Resolution Plan for the Corporate Debtor, Malabar Hotels
…Vijayalakshmi Enterprises (Appellant) filed an application under Section 7 of the I&B Code against Malabar Hotels Pvt. Ltd. (Corporate Debtor). The application was dismissed by the Adjudicating Authority (National Company Law Tribunal), Chennai. The dismissal was based on the fact that the Resolution Plan for Malabar Hotels Pvt. Ltd. had a saving clause for the Financial Creditor, stipulating payment based on the outcome of legal proceedings. The claim of the Financial Creditor had been initially rejected by the Resolution Professional. The Resolution Plan was approved by the Adjudicating Authority on September 17, 2018. The appellant sought initiation of Corporate Insolvency Resolution Process against the Corporate Debtor. The appellant's claim was to be paid on
…The Adjudicating…
The Adjudicating Authority dismissed the…