The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, by Rai Bahadur Shree Ram and Company Pvt. Ltd., a shareholder of the Corporate Debtor, Ferro Alloys Corporation Limited. The applicant sought a direction to the Committee of Creditors to reconsider a settlement proposal and reject the approval of the Resolution Plan of Sterlite Power Transmission Ltd. (STPL). The applicant argued that their settlement proposal was superior to the approved Resolution Plan. The 3rd respondent, REC Ltd., a financial creditor with a 91% voting share, rejected the settlement proposals. The Corporate Insolvency Resolution Process (CIRP) commenced on July 6, 2017, and the Resolution Plan was approved by
…Rai Bahadur Shree Ram and Company Pvt. Ltd., a shareholder of Ferro Alloys Corporation Limited (the Corporate Debtor), filed an application seeking directions to the Committee of Creditors (CoC) to reconsider their settlement proposal and reject the approved Resolution Plan of Sterlite Power Transmission Ltd. (STPL). The applicant argued that their settlement proposal was superior. REC Ltd., the 3rd respondent and a financial creditor holding 91% of the voting share in the CoC, had rejected the settlement proposal. The Corporate Insolvency Resolution Process (CIRP) had commenced on July 6, 2017, and the Resolution Plan was approved by the CoC on November 14, 2019. The Corporate Debtor had submitted two settlement proposals, one on 07.09.2016 and another on 04.04.2018,
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The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, by Rai Bahadur Shree Ram and Company Pvt. Ltd., a shareholder of the Corporate Debtor, Ferro Alloys Corporation Limited. The applicant sought a direction to the Committee of Creditors to reconsider a settlement proposal and reject the approval of the Resolution Plan of Sterlite Power Transmission Ltd. (STPL). The applicant argued that their settlement proposal was superior to the approved Resolution Plan. The 3rd respondent, REC Ltd., a financial creditor with a 91% voting share, rejected the settlement proposals. The Corporate Insolvency Resolution Process (CIRP) commenced on July 6, 2017, and the Resolution Plan was approved by
…Rai Bahadur Shree Ram and Company Pvt. Ltd., a shareholder of Ferro Alloys Corporation Limited (the Corporate Debtor), filed an application seeking directions to the Committee of Creditors (CoC) to reconsider their settlement proposal and reject the approved Resolution Plan of Sterlite Power Transmission Ltd. (STPL). The applicant argued that their settlement proposal was superior. REC Ltd., the 3rd respondent and a financial creditor holding 91% of the voting share in the CoC, had rejected the settlement proposal. The Corporate Insolvency Resolution Process (CIRP) had commenced on July 6, 2017, and the Resolution Plan was approved by the CoC on November 14, 2019. The Corporate Debtor had submitted two settlement proposals, one on 07.09.2016 and another on 04.04.2018,
…The Corporate…
The applicant submitted…