This case involves an appeal against an order dated April 12, 2023, passed in I.B.-654(PB)/2019, concerning the Corporate Insolvency Resolution Process (CIRP) of AVJ Developers (India) Pvt. Ltd. The CIRP was initiated following an application by a financial creditor, Mr. Vishal Fabrics & Ors. The corporate debtor was involved in a real estate project named AVJ Heights. The appellant, Vinay Jain, is the Successful Resolution Applicant (SRA) and Suspended Director of AVJ Developers. The case history includes the appellant's arrest, rejection of bail by the Allahabad High Court, and subsequent interim bail granted by the Supreme Court to facilitate the construction of remaining flats. The CoC approved the appellant as the provisional resolution applicant and later
…The corporate debtor, AVJ Developers (India) Pvt. Ltd., faced CIRP initiated by a financial creditor. The appellant, Vinay Jain, is the suspended director and successful resolution applicant. The corporate debtor was involved in a real estate project, AVJ Heights, where construction of one tower was incomplete, leading to FIRs from homebuyers against the appellant. The appellant was arrested, and his bail application was rejected by the Allahabad High Court, leading to an SLP before the Supreme Court. The Supreme Court granted interim bail to facilitate the construction of remaining flats. The CoC approved the appellant as the provisional resolution applicant and approved the resolution plan with 72.666% vote share. The erstwhile Resolution Professional filed I.A. No.
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This case involves an appeal against an order dated April 12, 2023, passed in I.B.-654(PB)/2019, concerning the Corporate Insolvency Resolution Process (CIRP) of AVJ Developers (India) Pvt. Ltd. The CIRP was initiated following an application by a financial creditor, Mr. Vishal Fabrics & Ors. The corporate debtor was involved in a real estate project named AVJ Heights. The appellant, Vinay Jain, is the Successful Resolution Applicant (SRA) and Suspended Director of AVJ Developers. The case history includes the appellant's arrest, rejection of bail by the Allahabad High Court, and subsequent interim bail granted by the Supreme Court to facilitate the construction of remaining flats. The CoC approved the appellant as the provisional resolution applicant and later
…The corporate debtor, AVJ Developers (India) Pvt. Ltd., faced CIRP initiated by a financial creditor. The appellant, Vinay Jain, is the suspended director and successful resolution applicant. The corporate debtor was involved in a real estate project, AVJ Heights, where construction of one tower was incomplete, leading to FIRs from homebuyers against the appellant. The appellant was arrested, and his bail application was rejected by the Allahabad High Court, leading to an SLP before the Supreme Court. The Supreme Court granted interim bail to facilitate the construction of remaining flats. The CoC approved the appellant as the provisional resolution applicant and approved the resolution plan with 72.666% vote share. The erstwhile Resolution Professional filed I.A. No.
…The Adjudicating Authority initiated…
The Appellant…