This case involves an application filed by the Resolution Professional (RP) under Sections 30(6) and 31 of the Insolvency & Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan for the Corporate Debtor, M/s. Sona Alloys Private Ltd. The successful Resolution Applicant (SRA) is MTC Business Private Ltd. (MBPL). However, the approval of this plan is contested by M/s. Vedanta Ltd. (VL), an unsuccessful resolution applicant, which has raised significant objections. Vedanta Ltd. alleges that the resolution process was vitiated by a conflict of interest because MBPL, the SRA, was also a financial creditor and a member of the Committee of Creditors (CoC). This, according to Vedanta Ltd., led to a breach of confidentiality regarding their resolution plan and
…The Corporate Debtor, M/s. Sona Alloys Private Ltd., was admitted into the Corporate Insolvency Resolution Process (CIRP) by an order dated June 16, 2020, following an application by M/s. Noble Resources International Pte. Ltd., an operational creditor, under Section 9 of the IB Code, 2016. Mr. Jagdischandra Babulal Mistri was initially appointed as the Interim Resolution Professional (IRP). Subsequently, a public announcement was made, claims were collated, and the Committee of Creditors (CoC) was constituted.
…The Corporate Debtor…
CoC resolved to replace…
This case involves an application filed by the Resolution Professional (RP) under Sections 30(6) and 31 of the Insolvency & Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan for the Corporate Debtor, M/s. Sona Alloys Private Ltd. The successful Resolution Applicant (SRA) is MTC Business Private Ltd. (MBPL). However, the approval of this plan is contested by M/s. Vedanta Ltd. (VL), an unsuccessful resolution applicant, which has raised significant objections. Vedanta Ltd. alleges that the resolution process was vitiated by a conflict of interest because MBPL, the SRA, was also a financial creditor and a member of the Committee of Creditors (CoC). This, according to Vedanta Ltd., led to a breach of confidentiality regarding their resolution plan and
…The Corporate Debtor, M/s. Sona Alloys Private Ltd., was admitted into the Corporate Insolvency Resolution Process (CIRP) by an order dated June 16, 2020, following an application by M/s. Noble Resources International Pte. Ltd., an operational creditor, under Section 9 of the IB Code, 2016. Mr. Jagdischandra Babulal Mistri was initially appointed as the Interim Resolution Professional (IRP). Subsequently, a public announcement was made, claims were collated, and the Committee of Creditors (CoC) was constituted.
…The Corporate Debtor…
CoC resolved to replace…