The case involves CA-441/ND/2019 filed in CP No. IB/22/ND/2018 under sections 30 (6), 31 & 60(5) of IBC 2016 r/w rule 11 of NCLT Rules and Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional, Mr. Vikram Kumar, submitted a Resolution Plan approved by the Committee of Creditors (CoC) for Shekhar Resorts Limited (CD) and sought its approval from the NCLT. The ex-management/Respondent No. 2, Mr. Naresh Kumar Sharma, raised objections to the Resolution Plan, primarily concerning the valuation of the Corporate Debtor's assets and lack of opportunity to participate in the appraisal process. The Applicant contended that the Respondent No. 2 was duly informed about the CIRP and sought information
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Shekhar Resorts Limited (Corporate Debtor) following a petition filed by Oriental Bank of Commerce under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, due to a debt of Rs. 19,67,64,134/-. Mr. Vikram Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made a public announcement as per Section 15 of the Code. The Committee of Creditors (CoC) was formed, and in its first meeting, Mr. Vikram Kumar was appointed as the RP with 100% voting share. The RP received expressions of interest from 22 prospective resolution applicants after publishing Form G in the newspapers. The CoC approved the Resolution Plan
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Respondent No. 2/Directors/Promoters of the…
The Applicant vide letter and E-mail sought…
The case involves CA-441/ND/2019 filed in CP No. IB/22/ND/2018 under sections 30 (6), 31 & 60(5) of IBC 2016 r/w rule 11 of NCLT Rules and Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional, Mr. Vikram Kumar, submitted a Resolution Plan approved by the Committee of Creditors (CoC) for Shekhar Resorts Limited (CD) and sought its approval from the NCLT. The ex-management/Respondent No. 2, Mr. Naresh Kumar Sharma, raised objections to the Resolution Plan, primarily concerning the valuation of the Corporate Debtor's assets and lack of opportunity to participate in the appraisal process. The Applicant contended that the Respondent No. 2 was duly informed about the CIRP and sought information
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Shekhar Resorts Limited (Corporate Debtor) following a petition filed by Oriental Bank of Commerce under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, due to a debt of Rs. 19,67,64,134/-. Mr. Vikram Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP made a public announcement as per Section 15 of the Code. The Committee of Creditors (CoC) was formed, and in its first meeting, Mr. Vikram Kumar was appointed as the RP with 100% voting share. The RP received expressions of interest from 22 prospective resolution applicants after publishing Form G in the newspapers. The CoC approved the Resolution Plan
…Respondent No. 2/Directors/Promoters of the…
The Applicant vide letter and E-mail sought…