The case involves an application filed by S. Boomadevi, a financial creditor, against S. Rajendran, the Resolution Professional (RP) of M/s. PRC International Hotels Private Limited, regarding the disbursal of an amount due to the applicant under the approved resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against PRC International Hotels Private Limited based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. A resolution plan was approved by the Committee of Creditors (CoC) and subsequently by the Tribunal. The applicant claimed Rs. 1,44,05,791/- in Form C, but the RP admitted a claim of Rs. 87,21,124/-, with a proposed settlement of 15% of the admitted claim. The applicant sought the disbursal of
…S. Boomadevi, a financial creditor of PRC International Hotels Private Limited, filed a claim of Rs. 1,44,05,791/- during the CIRP. The Resolution Professional, S. Rajendran, admitted a claim of Rs. 87,21,124/-. The Resolution Plan approved by the CoC proposed a settlement of 15% of the admitted claim, amounting to Rs. 13,08,169/-, to be paid within 30 days of the plan's approval. The applicant sought disbursal of this amount along with 12% interest. The RP contended that the CoC had decided to meet additional litigation costs from the amounts payable to related party financial creditors, including the applicant. The applicant argued that the resolution plan did not provide for such deductions and the full amount should be disbursed. The CoC had approved the Resolution
…Sign in to view the parties.
CIRP initiated against PRC International Hotels…
Applicant, S.…
The case involves an application filed by S. Boomadevi, a financial creditor, against S. Rajendran, the Resolution Professional (RP) of M/s. PRC International Hotels Private Limited, regarding the disbursal of an amount due to the applicant under the approved resolution plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against PRC International Hotels Private Limited based on an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. A resolution plan was approved by the Committee of Creditors (CoC) and subsequently by the Tribunal. The applicant claimed Rs. 1,44,05,791/- in Form C, but the RP admitted a claim of Rs. 87,21,124/-, with a proposed settlement of 15% of the admitted claim. The applicant sought the disbursal of
…S. Boomadevi, a financial creditor of PRC International Hotels Private Limited, filed a claim of Rs. 1,44,05,791/- during the CIRP. The Resolution Professional, S. Rajendran, admitted a claim of Rs. 87,21,124/-. The Resolution Plan approved by the CoC proposed a settlement of 15% of the admitted claim, amounting to Rs. 13,08,169/-, to be paid within 30 days of the plan's approval. The applicant sought disbursal of this amount along with 12% interest. The RP contended that the CoC had decided to meet additional litigation costs from the amounts payable to related party financial creditors, including the applicant. The applicant argued that the resolution plan did not provide for such deductions and the full amount should be disbursed. The CoC had approved the Resolution
…CIRP initiated against PRC International Hotels…
Applicant, S.…