The case involves an application (MA/80/2019) filed by the Applicants, M/s. Regal Trading and others, stating that they supplied scrap to the Corporate Debtor, M/s. Paragon Steels Private Limited, during the CIRP period. However, their claims were rejected by the Resolution Professional (RP). The Applicants filed the application assailing the rejection of their claims after more than six months from the date of the approval of the Resolution Plan.
M/s. Regal Trading and others (Applicants) supplied scrap to M/s. Paragon Steels Private Limited (Corporate Debtor) during the Corporate Insolvency Resolution Process (CIRP) period. The Resolution Professional (RP) rejected the claims of the Applicants. The Resolution Plan was approved on 24.07.2018. The Applicants filed an application (MA/80/2019) assailing the rejection of their claims more than six months after the approval of the Resolution Plan. The Applicants had previously attempted to acquire the Corporate Debtor through a Resolution Plan, which was rejected. The RP argued that the Applicants are actually debtors to the Corporate Debtor. The CoC considered all aspects and concluded that the applicants acted in concert with the promoters of the corporate debtor.
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The Applicants filed MA/80/2019 stating that…
The Resolution Plan for…
The case involves an application (MA/80/2019) filed by the Applicants, M/s. Regal Trading and others, stating that they supplied scrap to the Corporate Debtor, M/s. Paragon Steels Private Limited, during the CIRP period. However, their claims were rejected by the Resolution Professional (RP). The Applicants filed the application assailing the rejection of their claims after more than six months from the date of the approval of the Resolution Plan.
M/s. Regal Trading and others (Applicants) supplied scrap to M/s. Paragon Steels Private Limited (Corporate Debtor) during the Corporate Insolvency Resolution Process (CIRP) period. The Resolution Professional (RP) rejected the claims of the Applicants. The Resolution Plan was approved on 24.07.2018. The Applicants filed an application (MA/80/2019) assailing the rejection of their claims more than six months after the approval of the Resolution Plan. The Applicants had previously attempted to acquire the Corporate Debtor through a Resolution Plan, which was rejected. The RP argued that the Applicants are actually debtors to the Corporate Debtor. The CoC considered all aspects and concluded that the applicants acted in concert with the promoters of the corporate debtor.
The Applicants filed MA/80/2019 stating that…
The Resolution Plan for…