The case involves two applications, IA 145 of 2021 and IA 58 of 2021, pertaining to the same Corporate Debtor. IA 145 was filed by an applicant seeking priority consideration of their application before the approval of a resolution plan and requesting rejection of the Resolution Professional's plan. The applicant claimed the Resolution Professional failed to assess the applicability of Section 29A of the IBC. The Corporate Debtor was admitted into CIRP on 22.01.2020. The applicant alleged that the erstwhile promoters/Suspended Management were ineligible under Section 29A of IBC, 2016. The Resolution Professional stated that Form-G was published, and a provisional list of applicants was prepared, reflecting the Suspended Management. IA 58 of 2021 was filed for approval
…The Corporate Debtor was admitted into CIRP on 22.01.2020. An application (IA 145/2021) was filed seeking priority consideration and rejection of the resolution plan, alleging ineligibility of promoters under Section 29A of IBC. The Resolution Professional stated Form-G was published, and a list of applicants was prepared. Another application (IA 58/2021) was filed for approval of the resolution plan. The CoC approved a modified resolution plan by Gautam Nagarsheth and Gaurang Nagarsheth. The resolution plan proposed an infusion of Rs. 15 crores as working capital. The fair value and liquidation value of the Corporate Debtor were Rs. 6,643.26 lakhs and Rs. 4,561.66 lakhs, respectively. Secured Financial Creditors, Unsecured Financial Creditors, and employees were to
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The case involves two applications, IA 145 of 2021 and IA 58 of 2021, pertaining to the same Corporate Debtor. IA 145 was filed by an applicant seeking priority consideration of their application before the approval of a resolution plan and requesting rejection of the Resolution Professional's plan. The applicant claimed the Resolution Professional failed to assess the applicability of Section 29A of the IBC. The Corporate Debtor was admitted into CIRP on 22.01.2020. The applicant alleged that the erstwhile promoters/Suspended Management were ineligible under Section 29A of IBC, 2016. The Resolution Professional stated that Form-G was published, and a provisional list of applicants was prepared, reflecting the Suspended Management. IA 58 of 2021 was filed for approval
…The Corporate Debtor was admitted into CIRP on 22.01.2020. An application (IA 145/2021) was filed seeking priority consideration and rejection of the resolution plan, alleging ineligibility of promoters under Section 29A of IBC. The Resolution Professional stated Form-G was published, and a list of applicants was prepared. Another application (IA 58/2021) was filed for approval of the resolution plan. The CoC approved a modified resolution plan by Gautam Nagarsheth and Gaurang Nagarsheth. The resolution plan proposed an infusion of Rs. 15 crores as working capital. The fair value and liquidation value of the Corporate Debtor were Rs. 6,643.26 lakhs and Rs. 4,561.66 lakhs, respectively. Secured Financial Creditors, Unsecured Financial Creditors, and employees were to
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Notification…