Formation Textiles LLC (FTL), the former Successful Resolution Applicant of Mandhana Industries Limited (now GB Global Limited), filed an application (IA No. 734/MB/2021) seeking reliefs, including restraining the Resolution Professional (RP) and Committee of Creditors (CoC) from handing over the management of the Corporate Debtor to the New Resolution Applicant (Dev Land and Housing Private Limited (DLH)), and preventing the Tribunal from approving the Resolution Plan of the new Resolution Applicant. FTL's Resolution Plan could not be implemented, allegedly due to the callousness, misrepresentation, and fraudulent conduct of the RP in connivance with the CoC. FTL also alleged that the new Resolution Applicant is ineligible under Section 29A of the Insolvency and
…1. Formation Textiles LLC (FTL) was the former Successful Resolution Applicant for Mandhana Industries Limited (now GB Global Limited). FTL's resolution plan was not implemented.
2. Bank of Baroda and other financial creditors are part of the Committee of Creditors (CoC).
3. Dev Land and Housing Private Limited (DLH) is the new Resolution Applicant.
4. A lease-cum-sale agreement was entered into between the Corporate Debtor and Karnataka Industrial Area Development Board (KIADB) on 23.06.2008 for land allotment at ₹2.01 Crores.
5. A Memorandum of Understanding (MoU) was entered into between the Corporate Debtor and Bombay Rayons Fashion Limited (BRFL) on 25.01.2010 for the sale of the land for ₹2.25 Crores. Possession was handed over to R21 pending execution of the sale
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Corporate Debtor entered…
Corporate Debtor entered into a Memorandum of…
Formation Textiles LLC (FTL), the former Successful Resolution Applicant of Mandhana Industries Limited (now GB Global Limited), filed an application (IA No. 734/MB/2021) seeking reliefs, including restraining the Resolution Professional (RP) and Committee of Creditors (CoC) from handing over the management of the Corporate Debtor to the New Resolution Applicant (Dev Land and Housing Private Limited (DLH)), and preventing the Tribunal from approving the Resolution Plan of the new Resolution Applicant. FTL's Resolution Plan could not be implemented, allegedly due to the callousness, misrepresentation, and fraudulent conduct of the RP in connivance with the CoC. FTL also alleged that the new Resolution Applicant is ineligible under Section 29A of the Insolvency and
…1. Formation Textiles LLC (FTL) was the former Successful Resolution Applicant for Mandhana Industries Limited (now GB Global Limited). FTL's resolution plan was not implemented.
2. Bank of Baroda and other financial creditors are part of the Committee of Creditors (CoC).
3. Dev Land and Housing Private Limited (DLH) is the new Resolution Applicant.
4. A lease-cum-sale agreement was entered into between the Corporate Debtor and Karnataka Industrial Area Development Board (KIADB) on 23.06.2008 for land allotment at ₹2.01 Crores.
5. A Memorandum of Understanding (MoU) was entered into between the Corporate Debtor and Bombay Rayons Fashion Limited (BRFL) on 25.01.2010 for the sale of the land for ₹2.25 Crores. Possession was handed over to R21 pending execution of the sale
Corporate Debtor entered…
Corporate Debtor entered into a Memorandum of…