The case involves an appeal against the dismissal of I.A. 62 of 2020 in CP (IB) No. 42/Chd./Hry./2017 by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench. The application was filed against the Resolution Professional and the Committee of Creditors of the Corporate Debtor 'M/s. Amtek Auto Limited' under Section 60(5) of the I&B Code, seeking inclusion of Appellant No. 1 in the Committee of Creditors as a secured financial creditor. The Adjudicating Authority dismissed the I.A. while approving the resolution plan of Duccan Value Investor (DVI). The Appellants claim that their claim as a secured financial creditor was rejected by the Resolution Professional in 2017 and that they had represented to the Resolution Professional to preserve the
…M/s. Vistara ITCL (India) Ltd. & Ors. filed an application (I.A. 62 of 2020) seeking to be included in the Committee of Creditors (CoC) of M/s. Amtek Auto Limited as secured financial creditors. The Adjudicating Authority (NCLT Chandigarh) dismissed the application while approving the resolution plan of Duccan Value Investor (DVI). The Appellants' claim as secured financial creditors was initially rejected by the Resolution Professional (RP) in 2017. The Appellants contended that they did not challenge the rejection because they believed their interests would be protected under the Liberty House Group (LHG) resolution plan. The LHG plan, however, was not fulfilled. The CoC was reconstituted, and they appealed the Adjudicating Authority's decision to reject a fresh
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The case involves an appeal against the dismissal of I.A. 62 of 2020 in CP (IB) No. 42/Chd./Hry./2017 by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench. The application was filed against the Resolution Professional and the Committee of Creditors of the Corporate Debtor 'M/s. Amtek Auto Limited' under Section 60(5) of the I&B Code, seeking inclusion of Appellant No. 1 in the Committee of Creditors as a secured financial creditor. The Adjudicating Authority dismissed the I.A. while approving the resolution plan of Duccan Value Investor (DVI). The Appellants claim that their claim as a secured financial creditor was rejected by the Resolution Professional in 2017 and that they had represented to the Resolution Professional to preserve the
…M/s. Vistara ITCL (India) Ltd. & Ors. filed an application (I.A. 62 of 2020) seeking to be included in the Committee of Creditors (CoC) of M/s. Amtek Auto Limited as secured financial creditors. The Adjudicating Authority (NCLT Chandigarh) dismissed the application while approving the resolution plan of Duccan Value Investor (DVI). The Appellants' claim as secured financial creditors was initially rejected by the Resolution Professional (RP) in 2017. The Appellants contended that they did not challenge the rejection because they believed their interests would be protected under the Liberty House Group (LHG) resolution plan. The LHG plan, however, was not fulfilled. The CoC was reconstituted, and they appealed the Adjudicating Authority's decision to reject a fresh
…The Resolution Professional rejected the…
The Liberty House Group (LHG) submitted a…