Western India Erectors LLP filed an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to quash a resolution passed by the Committee of Creditors (CoC) in its meeting dated 2017-10-10 and to direct the CoC to reconsider the resolution plan submitted by the applicant. The CoC rejected the plan, leading to this application. The applicant argued that the CoC's rejection was unilateral and arbitrary, contravening the principles of natural justice and overlooking the interests of all stakeholders. The Resolution Professional had already filed another Miscellaneous Application No.528/2017 stating that the Resolution Plan filed by this applicant has not been approved by more than 75% of voting share of the Financial Creditors and it has
…Western India Erectors LLP submitted a resolution plan to resolve the insolvency of U. B. Engineering Ltd. The Committee of Creditors (CoC) rejected the resolution plan in a meeting held on 2017-10-10. The applicant claimed the CoC's rejection was unilateral and arbitrary, failing to consider a revised resolution plan and contravening principles of natural justice. The applicant argued that liquidation would prejudice the 760 employees/workmen and their families associated with the Corporate Debtor. The applicant also claimed the CoC should have considered the upfront payment of ₹41 crores offered by the applicant. The applicant further argued that the liquidation value of the Corporate Debtor was ₹106.02 crores and that the value of plant and machineries was
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The Committee of Creditors (CoC) rejected the…
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Western India Erectors LLP filed an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to quash a resolution passed by the Committee of Creditors (CoC) in its meeting dated 2017-10-10 and to direct the CoC to reconsider the resolution plan submitted by the applicant. The CoC rejected the plan, leading to this application. The applicant argued that the CoC's rejection was unilateral and arbitrary, contravening the principles of natural justice and overlooking the interests of all stakeholders. The Resolution Professional had already filed another Miscellaneous Application No.528/2017 stating that the Resolution Plan filed by this applicant has not been approved by more than 75% of voting share of the Financial Creditors and it has
…Western India Erectors LLP submitted a resolution plan to resolve the insolvency of U. B. Engineering Ltd. The Committee of Creditors (CoC) rejected the resolution plan in a meeting held on 2017-10-10. The applicant claimed the CoC's rejection was unilateral and arbitrary, failing to consider a revised resolution plan and contravening principles of natural justice. The applicant argued that liquidation would prejudice the 760 employees/workmen and their families associated with the Corporate Debtor. The applicant also claimed the CoC should have considered the upfront payment of ₹41 crores offered by the applicant. The applicant further argued that the liquidation value of the Corporate Debtor was ₹106.02 crores and that the value of plant and machineries was
…The Committee of Creditors (CoC) rejected the…
The applicant submitted a resolution plan in…