The Applicants (Sunita Bagai, Vinod Bagai, and Virender Bagai), who are related parties to the Corporate Debtor (Samar Estates Private Limited) and include suspended directors and a spouse of a director, purchased twelve residential units from the Corporate Debtor. Their claims as allottees/financial creditors were admitted by the Interim Resolution Professional (IRP)/Resolution Professional (RP). However, the Resolution Plan, approved by the Committee of Creditors (CoC), contained specific clauses (3.2.1.3 and 9 of Chapter 7) that provided for the outright rejection of claims of related-party allottees, denying them any unit allotment or payment and treating their contracts as terminated. The Applicants challenged these clauses as illegal and discriminatory, seeking
…Applicants (Sunita Bagai, Vinod Bagai, Virender Bagai) purchased twelve residential units in the project "Ess Vee Apartments", Sector-20, Panchkula, developed by the Corporate Debtor, under Apartment Buyer Agreements executed between 2010 and 2016.
Applicant No.2 (Vinod Bagai) and Applicant No.3 (Virender Bagai) are suspended directors of the Corporate Debtor, holding 61.61% and 24.45% equity respectively.
Applicant No.1 (Sunita Bagai), holding 13.59% equity, is the wife of Applicant No.2 (Vinod Bagai).
The Applicants are related parties of the Corporate Debtor within the meaning of Section 5(24) of the Code.
The Corporate Insolvency Resolution Process (CIRP) commenced on 12.01.2024.
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The Applicants (Sunita Bagai, Vinod Bagai, and Virender Bagai), who are related parties to the Corporate Debtor (Samar Estates Private Limited) and include suspended directors and a spouse of a director, purchased twelve residential units from the Corporate Debtor. Their claims as allottees/financial creditors were admitted by the Interim Resolution Professional (IRP)/Resolution Professional (RP). However, the Resolution Plan, approved by the Committee of Creditors (CoC), contained specific clauses (3.2.1.3 and 9 of Chapter 7) that provided for the outright rejection of claims of related-party allottees, denying them any unit allotment or payment and treating their contracts as terminated. The Applicants challenged these clauses as illegal and discriminatory, seeking
…Applicants (Sunita Bagai, Vinod Bagai, Virender Bagai) purchased twelve residential units in the project "Ess Vee Apartments", Sector-20, Panchkula, developed by the Corporate Debtor, under Apartment Buyer Agreements executed between 2010 and 2016.
Applicant No.2 (Vinod Bagai) and Applicant No.3 (Virender Bagai) are suspended directors of the Corporate Debtor, holding 61.61% and 24.45% equity respectively.
Applicant No.1 (Sunita Bagai), holding 13.59% equity, is the wife of Applicant No.2 (Vinod Bagai).
The Applicants are related parties of the Corporate Debtor within the meaning of Section 5(24) of the Code.
The Corporate Insolvency Resolution Process (CIRP) commenced on 12.01.2024.
…Commencement of…
Applicants filed claims…