The appeal was filed by two Suspended Directors of Jason Dekor Private Limited challenging the order dated 10.05.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad) in I.A. 36/NCLT/AHM/2021 in CP (IB) No.257/NCLT/AHM/2019, which approved the Resolution Plan submitted by Respondent No. 3.
Corporate Insolvency Resolution Process (CIRP) against Jason Dekor Private Limited commenced on 19.12.2019.
The Committee of Creditors (CoC) initially decided to file an application for liquidation due to the lack of a viable Resolution Plan.
Respondent No. 3 filed an application seeking direction for consideration of its plan, which was initially rejected on 09.12.2020.
The Appellate Tribunal set aside the rejection order and directed reconsideration of the Revised Resolution Plan.
The CoC approved the Resolution Plan of Respondent No. 3 with 100% vote share on 05.01.2021.
The Adjudicating Authority approved the Resolution Plan, finding it compliant with Section 30(2) of the Insolvency and Bankruptcy Code, 2016.
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Corporate Insolvency…
The Adjudicating…
The appeal was filed by two Suspended Directors of Jason Dekor Private Limited challenging the order dated 10.05.2024 passed by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad) in I.A. 36/NCLT/AHM/2021 in CP (IB) No.257/NCLT/AHM/2019, which approved the Resolution Plan submitted by Respondent No. 3.
Corporate Insolvency Resolution Process (CIRP) against Jason Dekor Private Limited commenced on 19.12.2019.
The Committee of Creditors (CoC) initially decided to file an application for liquidation due to the lack of a viable Resolution Plan.
Respondent No. 3 filed an application seeking direction for consideration of its plan, which was initially rejected on 09.12.2020.
The Appellate Tribunal set aside the rejection order and directed reconsideration of the Revised Resolution Plan.
The CoC approved the Resolution Plan of Respondent No. 3 with 100% vote share on 05.01.2021.
The Adjudicating Authority approved the Resolution Plan, finding it compliant with Section 30(2) of the Insolvency and Bankruptcy Code, 2016.
…Corporate Insolvency…
The Adjudicating…