The case involves an application for urgent hearing regarding the correction of voting results computed by the Interim Resolution Professional (IRP) and the appointment of a new Resolution Professional (RP). The application was filed due to alleged violations of Section 25A(3A) of the Insolvency and Bankruptcy Code. Despite being listed multiple times, the application was not adjudicated due to objections raised by the IRP and some homebuyers who opposed the replacement of the IRP. The CoC meeting showed that a majority of the allottees voted for the replacement of the IRP with the RP.
SCSL Buildwell Private Limited is the financial creditor, and Pal Infrastructure & Developers Pvt. Ltd. is the corporate debtor. An application was filed for urgent hearing to correct voting results wrongly computed by the IRP and to appoint Mr. Ganga Ram Agarwal as the Resolution Professional (RP) in place of the current IRP. The application was delayed due to objections from the IRP and some homebuyers. In the second CoC meeting, the class of allottees (homebuyers) comprised 72.394% of the voting share. They voted for the replacement of the IRP with the aforementioned RP, with a voting share of 38.92% of the allottees comprising 72.394%. The IRP argued that the allottees' vote was below 66% of the total voting share. The applicant counsel cited the Supreme
…Sign in to view the parties.
Application li…
Application li…
The case involves an application for urgent hearing regarding the correction of voting results computed by the Interim Resolution Professional (IRP) and the appointment of a new Resolution Professional (RP). The application was filed due to alleged violations of Section 25A(3A) of the Insolvency and Bankruptcy Code. Despite being listed multiple times, the application was not adjudicated due to objections raised by the IRP and some homebuyers who opposed the replacement of the IRP. The CoC meeting showed that a majority of the allottees voted for the replacement of the IRP with the RP.
SCSL Buildwell Private Limited is the financial creditor, and Pal Infrastructure & Developers Pvt. Ltd. is the corporate debtor. An application was filed for urgent hearing to correct voting results wrongly computed by the IRP and to appoint Mr. Ganga Ram Agarwal as the Resolution Professional (RP) in place of the current IRP. The application was delayed due to objections from the IRP and some homebuyers. In the second CoC meeting, the class of allottees (homebuyers) comprised 72.394% of the voting share. They voted for the replacement of the IRP with the aforementioned RP, with a voting share of 38.92% of the allottees comprising 72.394%. The IRP argued that the allottees' vote was below 66% of the total voting share. The applicant counsel cited the Supreme
…Application li…
Application li…