The case involves two applications, M.A. No. 227 of 2018 filed by the Resolution Professional (RP) of Unity Infraprojects Limited under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), seeking orders for liquidation of the Corporate Debtor, and M.A. No. 350 of 2018 filed by the employees of Unity Infraprojects Limited seeking directions and appropriate orders. The Corporate Insolvency Resolution Process (CIRP) was initiated against Unity Infraprojects Limited, and several resolution plans were submitted and rejected. The RP sought liquidation due to the failure of resolution plans. The employees sought intervention to ensure the company was sold as a going concern and their employment was protected.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Unity Infraprojects Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC). Mr. Arun Kapoor was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Alok Saksena as the Resolution Professional (RP). The RP invited resolution plans, receiving responses from three corporations. Phoenix ARC Pvt Ltd submitted multiple resolution plans, all of which were rejected by the Committee of Creditors (CoC). The CoC approved the RP's fees as liquidator with a 90.91% voting share. The Tribunal directed the RP to present the last resolution plan to the CoC, which was subsequently rejected. The CoC then approved liquidation with an 88.66% voting share. The employees
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The Bench admitted the Petition (CP (IB) No.…
Mr Arun Kapoor was…
The case involves two applications, M.A. No. 227 of 2018 filed by the Resolution Professional (RP) of Unity Infraprojects Limited under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), seeking orders for liquidation of the Corporate Debtor, and M.A. No. 350 of 2018 filed by the employees of Unity Infraprojects Limited seeking directions and appropriate orders. The Corporate Insolvency Resolution Process (CIRP) was initiated against Unity Infraprojects Limited, and several resolution plans were submitted and rejected. The RP sought liquidation due to the failure of resolution plans. The employees sought intervention to ensure the company was sold as a going concern and their employment was protected.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Unity Infraprojects Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC). Mr. Arun Kapoor was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Alok Saksena as the Resolution Professional (RP). The RP invited resolution plans, receiving responses from three corporations. Phoenix ARC Pvt Ltd submitted multiple resolution plans, all of which were rejected by the Committee of Creditors (CoC). The CoC approved the RP's fees as liquidator with a 90.91% voting share. The Tribunal directed the RP to present the last resolution plan to the CoC, which was subsequently rejected. The CoC then approved liquidation with an 88.66% voting share. The employees
…The Bench admitted the Petition (CP (IB) No.…
Mr Arun Kapoor was…