The case involves I.A No.439 of 2020 filed by the Resolution Professional (Mr. Pankaj Srivastava) of the Corporate Debtor, Sagar Power (Neerukatte) Pvt Ltd., under section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a Resolution Plan submitted by Kundan Care Products Limited. I.A No.500 of 2020 was subsequently filed by Kundan Care Products Limited, the Successful Resolution Applicant, under section 60(5)(c) of IBC, 2016, seeking an order declaring that the Resolution Plan submitted by them stands revoked/withdrawn. The applicant sought to withdraw the plan due to misrepresentation of facts in the Information Memorandum (IM) regarding the total land requirement for the project. The IM initially stated that the hydropower project was
…1. In 2018, Pridhvi Asset Reconstruction and Securitisation Company filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Sagar Power (Neerukatte) Pvt. Ltd., for a default of Rs. 169,82,68,361/-. The application was admitted on 27.09.2019.
2. The Resolution Professional (RP) prepared an Information Memorandum (IM) which stated that the hydropower project was built on 63 cents of land with an additional 10 acres of agricultural land transferred by the Directors in 2018-19. The IM represented the average annual power generation capacity as 20.31 million units.
3. Kundan Care Products Limited, the Resolution Applicant (RA), conducted due diligence and relied on the IM's representation of land availability.
4. After the
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Pridhvi Asset Reconstruction and Securitisation…
The application filed…
The case involves I.A No.439 of 2020 filed by the Resolution Professional (Mr. Pankaj Srivastava) of the Corporate Debtor, Sagar Power (Neerukatte) Pvt Ltd., under section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a Resolution Plan submitted by Kundan Care Products Limited. I.A No.500 of 2020 was subsequently filed by Kundan Care Products Limited, the Successful Resolution Applicant, under section 60(5)(c) of IBC, 2016, seeking an order declaring that the Resolution Plan submitted by them stands revoked/withdrawn. The applicant sought to withdraw the plan due to misrepresentation of facts in the Information Memorandum (IM) regarding the total land requirement for the project. The IM initially stated that the hydropower project was
…1. In 2018, Pridhvi Asset Reconstruction and Securitisation Company filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Sagar Power (Neerukatte) Pvt. Ltd., for a default of Rs. 169,82,68,361/-. The application was admitted on 27.09.2019.
2. The Resolution Professional (RP) prepared an Information Memorandum (IM) which stated that the hydropower project was built on 63 cents of land with an additional 10 acres of agricultural land transferred by the Directors in 2018-19. The IM represented the average annual power generation capacity as 20.31 million units.
3. Kundan Care Products Limited, the Resolution Applicant (RA), conducted due diligence and relied on the IM's representation of land availability.
4. After the
Pridhvi Asset Reconstruction and Securitisation…
The application filed…