Formation Textiles LLC (FTL), the former successful resolution applicant for Mandhana Industries Limited (now GB Global Limited), filed an application (IA No. 734/MB/2021) seeking to restrain 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). FTL also sought to prevent the tribunal from approving the resolution plan of the new applicant, alleging ineligibility and fraudulent transactions. The application arises from FTL's inability to implement its resolution plan, which was previously approved but later withdrawn.
Formation Textiles LLC (FTL), the original successful resolution applicant for Mandhana Industries Limited (now GB Global Limited), was unable to implement its resolution plan. The resolution plan submitted by FTL was approved by the CoC with 80.92% of the voting share and was approved by the Adjudicating Authority by order dated 30.11.2018. FTL took over the control and management of the Corporate Debtor, w.e.f. 30.01.2019. FTL infused ₹. 93.80 Crores as per the Resolution Plan. The CoC failed to refund *. 93.80 Crores infused by the Applicant as per the Resolution Plan. Dev Land and Housing Private Limited (DLH) submitted a new Resolution Plan before the CoC, which was approved. FTL alleged that DLH is ineligible under Section 29A of the IBC due to a land transaction
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Corporate Debtor entered…
MoU to sell the land was entered into between…
Formation Textiles LLC (FTL), the former successful resolution applicant for Mandhana Industries Limited (now GB Global Limited), filed an application (IA No. 734/MB/2021) seeking to restrain 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). FTL also sought to prevent the tribunal from approving the resolution plan of the new applicant, alleging ineligibility and fraudulent transactions. The application arises from FTL's inability to implement its resolution plan, which was previously approved but later withdrawn.
Formation Textiles LLC (FTL), the original successful resolution applicant for Mandhana Industries Limited (now GB Global Limited), was unable to implement its resolution plan. The resolution plan submitted by FTL was approved by the CoC with 80.92% of the voting share and was approved by the Adjudicating Authority by order dated 30.11.2018. FTL took over the control and management of the Corporate Debtor, w.e.f. 30.01.2019. FTL infused ₹. 93.80 Crores as per the Resolution Plan. The CoC failed to refund *. 93.80 Crores infused by the Applicant as per the Resolution Plan. Dev Land and Housing Private Limited (DLH) submitted a new Resolution Plan before the CoC, which was approved. FTL alleged that DLH is ineligible under Section 29A of the IBC due to a land transaction
…Corporate Debtor entered…
MoU to sell the land was entered into between…