This appeal was filed by a Successful Resolution Applicant/Suspended Director of the Corporate Debtor challenging an order dated April 12, 2023, passed by the Adjudicating Authority. The core dispute revolves around the priority of hearing between an application for approval of a resolution plan and applications concerning preferential, undervalued, and fraudulent transactions (PUFE applications) by the appellant.
The Corporate Insolvency Resolution Process (CIRP) was initiated against AVJ Developers (India) Pvt. Ltd. on September 21, 2019, following an application by a financial creditor. The corporate debtor was involved in a real estate project called AVJ Heights, where the construction of one tower remained incomplete. This led to several home-buyers filing First Information Reports (FIRs) against the appellant, Vinay Jain, alleging various offenses in Delhi and Uttar Pradesh. The appellant was subsequently arrested on December 24, 2019. The appellant's bail application was rejected by the Allahabad High Court, leading him to file SLP (Crl.) No. 175/2021 before the Supreme Court. On February 8, 2021, the Supreme Court, after reviewing an affidavit from the appellant
…Sign in to view the parties.
The Adjudicating Authority initiated…
The Appellant, Vinay…
This appeal was filed by a Successful Resolution Applicant/Suspended Director of the Corporate Debtor challenging an order dated April 12, 2023, passed by the Adjudicating Authority. The core dispute revolves around the priority of hearing between an application for approval of a resolution plan and applications concerning preferential, undervalued, and fraudulent transactions (PUFE applications) by the appellant.
The Corporate Insolvency Resolution Process (CIRP) was initiated against AVJ Developers (India) Pvt. Ltd. on September 21, 2019, following an application by a financial creditor. The corporate debtor was involved in a real estate project called AVJ Heights, where the construction of one tower remained incomplete. This led to several home-buyers filing First Information Reports (FIRs) against the appellant, Vinay Jain, alleging various offenses in Delhi and Uttar Pradesh. The appellant was subsequently arrested on December 24, 2019. The appellant's bail application was rejected by the Allahabad High Court, leading him to file SLP (Crl.) No. 175/2021 before the Supreme Court. On February 8, 2021, the Supreme Court, after reviewing an affidavit from the appellant
…The Adjudicating Authority initiated…
The Appellant, Vinay…