Two appeals were filed by Vinay Gupta and Niharika Goel, both suspended directors of M/s Satellite Cables Pvt. Ltd. (Corporate Debtor), challenging an NCLT order dated 23.04.2024. This order approved the Resolution Plan submitted by M/s Suraj Garg, the Successful Resolution Applicant. The appellants raised multiple grounds, including alleged violation of natural justice due to non-supply of the resolution plan, ineligibility of the Resolution Applicant (a practising Chartered Accountant), the existence of a One Time Settlement (OTS) proposal, approval of a lower bid by the Committee of Creditors (CoC), non-provision for government dues, and material irregularities in the Resolution Professional's (RP) conduct.
The NCLT, New Delhi, Court-III, passed an Impugned Order dated 23.04.2024, approving the Resolution Plan of M/s Suraj Garg for M/s Satellite Cables Private Limited.
Vinay Gupta (Appellant in CA(AT)(Ins) No. 1038/2024), a suspended director, contended he was not given an opportunity to peruse the resolution plan or file objections.
M/s Oswal Minerals Limited filed an application under Section 9 of the Code against M/s Satellite Cables Private Limited (Corporate Debtor).
The Section 9 application was admitted by the NCLT by order dated 03.01.2023, initiating CIRP.
The resolution plan submitted by M/s Suraj Garg was approved by the Committee of Creditors (CoC) in its 11th meeting dated 06.12.2023 with 100% voting share.
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Application under Section 9 of the Code…
Resolution Professional published Form G and…
Two appeals were filed by Vinay Gupta and Niharika Goel, both suspended directors of M/s Satellite Cables Pvt. Ltd. (Corporate Debtor), challenging an NCLT order dated 23.04.2024. This order approved the Resolution Plan submitted by M/s Suraj Garg, the Successful Resolution Applicant. The appellants raised multiple grounds, including alleged violation of natural justice due to non-supply of the resolution plan, ineligibility of the Resolution Applicant (a practising Chartered Accountant), the existence of a One Time Settlement (OTS) proposal, approval of a lower bid by the Committee of Creditors (CoC), non-provision for government dues, and material irregularities in the Resolution Professional's (RP) conduct.
The NCLT, New Delhi, Court-III, passed an Impugned Order dated 23.04.2024, approving the Resolution Plan of M/s Suraj Garg for M/s Satellite Cables Private Limited.
Vinay Gupta (Appellant in CA(AT)(Ins) No. 1038/2024), a suspended director, contended he was not given an opportunity to peruse the resolution plan or file objections.
M/s Oswal Minerals Limited filed an application under Section 9 of the Code against M/s Satellite Cables Private Limited (Corporate Debtor).
The Section 9 application was admitted by the NCLT by order dated 03.01.2023, initiating CIRP.
The resolution plan submitted by M/s Suraj Garg was approved by the Committee of Creditors (CoC) in its 11th meeting dated 06.12.2023 with 100% voting share.
…Application under Section 9 of the Code…
Resolution Professional published Form G and…