The case involves an appeal against an order dated 04th March, 2022, where I.A. No. 5312 of 2021 filed by the Appellant was rejected. The Appellants, who are suspended directors of the Corporate Debtor, filed the I.A. seeking reliefs to direct the Resolution Professional to forward their proposal dated 12th October, 2021, to the Committee of Creditors and to call for a meeting to discuss and vote on the proposal. The Committee of Creditors had already approved a Resolution Plan on 11.11.2019, and an application to approve the plan was filed by the Resolution Professional before the Adjudicating Authority, which remitted the plan back to the Committee of Creditors on 11th June, 2021, for certain limited issues.
Vikram Puri & Anr., the Appellants, are suspended directors of Universal Buildwell Pvt. Ltd., the Corporate Debtor. They filed an I.A. seeking to direct the Resolution Professional to forward their proposal dated 12th October, 2021, to the Committee of Creditors (CoC) and to convene a meeting for its discussion and voting. The CoC had already approved a Resolution Plan on 11.11.2019, which was then remitted back to the CoC by the Adjudicating Authority on 11th June, 2021, for specific issues. The Appellants' proposal was claimed to be a better financial proposal and beneficial to the Home Buyers. The Adjudicating Authority rejected the I.A., leading to the current appeal. The Appellants argued their eligibility to submit a Resolution Plan under Section 32A of the
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The case involves an appeal against an order dated 04th March, 2022, where I.A. No. 5312 of 2021 filed by the Appellant was rejected. The Appellants, who are suspended directors of the Corporate Debtor, filed the I.A. seeking reliefs to direct the Resolution Professional to forward their proposal dated 12th October, 2021, to the Committee of Creditors and to call for a meeting to discuss and vote on the proposal. The Committee of Creditors had already approved a Resolution Plan on 11.11.2019, and an application to approve the plan was filed by the Resolution Professional before the Adjudicating Authority, which remitted the plan back to the Committee of Creditors on 11th June, 2021, for certain limited issues.
Vikram Puri & Anr., the Appellants, are suspended directors of Universal Buildwell Pvt. Ltd., the Corporate Debtor. They filed an I.A. seeking to direct the Resolution Professional to forward their proposal dated 12th October, 2021, to the Committee of Creditors (CoC) and to convene a meeting for its discussion and voting. The CoC had already approved a Resolution Plan on 11.11.2019, which was then remitted back to the CoC by the Adjudicating Authority on 11th June, 2021, for specific issues. The Appellants' proposal was claimed to be a better financial proposal and beneficial to the Home Buyers. The Adjudicating Authority rejected the I.A., leading to the current appeal. The Appellants argued their eligibility to submit a Resolution Plan under Section 32A of the
…The Committee of…
The Adjudicating Authority remitted the…
Sign in to view related legal provisions.