The case involves objections raised by financial creditors (homebuyers/allottees) regarding the resolution plan for M/s. Three C Homes Pvt. Ltd. The objections were filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The resolution professional had filed I.A. No. 3385/2020, and CA No. 3840/2020 was filed by the applicants. The applications are interconnected and were tagged to pass a common order.
Mr. Arun Kumar Sinha, a financial creditor, initiated proceedings against M/s. Three C Homes Pvt. Ltd., the corporate debtor. The case involves objections to the resolution plan filed by the Resolution Professional (RP). The applicants, Mr. Sandeep Goel & Ors., raised objections under Section 60(5) of the IBC, 2016, arguing that the resolution plan violates several provisions of the Code and CIRP Regulations. Key facts include the significant difference between the liquidation value (Rs. 480.70 Crores) and the resolution plan offer (Rs. 180.34 crores), the lack of provisions for dissenting financial creditors, and the failure to adequately address the cause of default, which involves disputes with farmers and delays in project delivery. The applicants also argued
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The case involves objections raised by financial creditors (homebuyers/allottees) regarding the resolution plan for M/s. Three C Homes Pvt. Ltd. The objections were filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The resolution professional had filed I.A. No. 3385/2020, and CA No. 3840/2020 was filed by the applicants. The applications are interconnected and were tagged to pass a common order.
Mr. Arun Kumar Sinha, a financial creditor, initiated proceedings against M/s. Three C Homes Pvt. Ltd., the corporate debtor. The case involves objections to the resolution plan filed by the Resolution Professional (RP). The applicants, Mr. Sandeep Goel & Ors., raised objections under Section 60(5) of the IBC, 2016, arguing that the resolution plan violates several provisions of the Code and CIRP Regulations. Key facts include the significant difference between the liquidation value (Rs. 480.70 Crores) and the resolution plan offer (Rs. 180.34 crores), the lack of provisions for dissenting financial creditors, and the failure to adequately address the cause of default, which involves disputes with farmers and delays in project delivery. The applicants also argued
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