The case involves multiple applications related to the insolvency resolution of Fort Gloster Industries Ltd. (FGIL). The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by an operational creditor, Jayanta Panja. Several applications were filed concerning the approval of the resolution plan, claims by various creditors including financial and operational creditors, and disputes over the ownership and valuation of the trademark 'Gloster'. The resolution plan submitted by Gloster Limited was approved by the Committee of Creditors (CoC) with a 73.21% vote share. However, several objections were raised by dissenting creditors, including Stressed Assets Stabilization Fund (SASF), and other stakeholders regarding the distribution
…1. Jayanta Panja, an operational creditor, initiated CIRP against Fort Gloster Industries Ltd. (FGIL).
2. Gloster Limited submitted a resolution plan that was approved by the CoC with 73.21% vote share.
3. Stressed Assets Stabilization Fund (SASF), a dissenting financial creditor, objected to the resolution plan, alleging discrimination and undervaluation of assets.
4. A dispute arose regarding the ownership of the trademark 'Gloster', with Gloster Cables Limited (GCL) claiming exclusive rights based on prior agreements with FGIL.
5. The BIFR had previously issued orders restricting FGIL from disposing of assets without consent.
6. The resolution plan included a distribution methodology that was challenged by dissenting creditors.
7. The RP was accused of failing to include
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CP (IB) No. 61/KB/2018 was admitted,…
Application for…
The case involves multiple applications related to the insolvency resolution of Fort Gloster Industries Ltd. (FGIL). The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by an operational creditor, Jayanta Panja. Several applications were filed concerning the approval of the resolution plan, claims by various creditors including financial and operational creditors, and disputes over the ownership and valuation of the trademark 'Gloster'. The resolution plan submitted by Gloster Limited was approved by the Committee of Creditors (CoC) with a 73.21% vote share. However, several objections were raised by dissenting creditors, including Stressed Assets Stabilization Fund (SASF), and other stakeholders regarding the distribution
…1. Jayanta Panja, an operational creditor, initiated CIRP against Fort Gloster Industries Ltd. (FGIL).
2. Gloster Limited submitted a resolution plan that was approved by the CoC with 73.21% vote share.
3. Stressed Assets Stabilization Fund (SASF), a dissenting financial creditor, objected to the resolution plan, alleging discrimination and undervaluation of assets.
4. A dispute arose regarding the ownership of the trademark 'Gloster', with Gloster Cables Limited (GCL) claiming exclusive rights based on prior agreements with FGIL.
5. The BIFR had previously issued orders restricting FGIL from disposing of assets without consent.
6. The resolution plan included a distribution methodology that was challenged by dissenting creditors.
7. The RP was accused of failing to include
CP (IB) No. 61/KB/2018 was admitted,…
Application for…