The case involves an application filed by the successful Resolution Applicant (SRA) seeking compliance with the approved Resolution Plan for the Corporate Debtor, Kalpatru Steel Rolling Mills Pvt. Ltd. The SRA requested the release of original title deeds of the property mortgaged with Andhra Pradesh State Financial Corporation (APSFC), the answering respondent/dissenting financial creditor. APSFC had filed an appeal against the approval of the Resolution Plan before the NCLAT, but no stay was granted. APSFC argued that the Andhra Bank's claim was time-barred and the distribution of the plan value was not proportionate to the assets mortgaged. The NCLT had previously rejected these contentions and approved the resolution plan.
Mr. Prabhakar Nandiraju is the Resolution Professional and Chairman of the Monitoring Committee of Kalpatru Steel Rolling Mills Pvt. Ltd. Andhra Pradesh State Financial Corporation is the respondent. Andhra Bank had filed a company petition which was admitted on 2018-08-14. Andhra Pradesh State Financial Corporation (APSFC) filed an appeal against the approval of the Resolution Plan before the NCLAT, but no stay was granted. The Resolution Applicant (SRA) deposited the amount payable to the dissenting financial creditor (APSFC) in the account of the Andhra Pradesh State Financial Corporation. APSFC put the deposited money in a Fixed Deposit as the appeal was pending before the NCLAT. APSFC also filed a Special Leave Petition (SLP) challenging the admission of the
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The Company Petition…
Resolution Plan…
The case involves an application filed by the successful Resolution Applicant (SRA) seeking compliance with the approved Resolution Plan for the Corporate Debtor, Kalpatru Steel Rolling Mills Pvt. Ltd. The SRA requested the release of original title deeds of the property mortgaged with Andhra Pradesh State Financial Corporation (APSFC), the answering respondent/dissenting financial creditor. APSFC had filed an appeal against the approval of the Resolution Plan before the NCLAT, but no stay was granted. APSFC argued that the Andhra Bank's claim was time-barred and the distribution of the plan value was not proportionate to the assets mortgaged. The NCLT had previously rejected these contentions and approved the resolution plan.
Mr. Prabhakar Nandiraju is the Resolution Professional and Chairman of the Monitoring Committee of Kalpatru Steel Rolling Mills Pvt. Ltd. Andhra Pradesh State Financial Corporation is the respondent. Andhra Bank had filed a company petition which was admitted on 2018-08-14. Andhra Pradesh State Financial Corporation (APSFC) filed an appeal against the approval of the Resolution Plan before the NCLAT, but no stay was granted. The Resolution Applicant (SRA) deposited the amount payable to the dissenting financial creditor (APSFC) in the account of the Andhra Pradesh State Financial Corporation. APSFC put the deposited money in a Fixed Deposit as the appeal was pending before the NCLAT. APSFC also filed a Special Leave Petition (SLP) challenging the admission of the
…The Company Petition…
Resolution Plan…