The application was filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Amol Shripal Sheth, the suspended board of director of the Corporate Debtor (Respondent No. 1), seeking to set aside the order dated 25.10.2018 passed in IA 291 of 2018, which put the company into liquidation. The applicant also sought a direction for the Respondents to consider his settlement proposal. Reliance Commercial Finance Limited had filed an insolvency petition, CP (IB) No. 66 of 2017, under Section 7 of IBC, which was admitted on 23.08.2017. A resolution plan submitted by Bluecraft Agro Pvt. Ltd. was rejected. During a CoC meeting on 25.07.2018, 80.89% of CoC members voted for liquidation. The applicant argued that the Tribunal has jurisdiction to decide
…Mr. Amol Shripal Sheth, the suspended board of director of the Corporate Debtor (Anil Ltd), filed an application under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC) to set aside the liquidation order dated 25.10.2018. Reliance Commercial Finance Limited had initiated the Corporate Insolvency Resolution Process (CIRP) against Anil Ltd under Section 7 of IBC, which was admitted on 23.08.2017. A resolution plan by Bluecraft Agro Pvt. Ltd. was rejected. The Committee of Creditors (CoC) voted for liquidation with 80.89% majority on 25.07.2018. The applicant proposed a settlement plan to pay Rs. 940 crores, higher than the rejected resolution plan of Rs. 525 crores. The Corporate Debtor has been closed since April 2017 and has limited assets. The
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The application was filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Amol Shripal Sheth, the suspended board of director of the Corporate Debtor (Respondent No. 1), seeking to set aside the order dated 25.10.2018 passed in IA 291 of 2018, which put the company into liquidation. The applicant also sought a direction for the Respondents to consider his settlement proposal. Reliance Commercial Finance Limited had filed an insolvency petition, CP (IB) No. 66 of 2017, under Section 7 of IBC, which was admitted on 23.08.2017. A resolution plan submitted by Bluecraft Agro Pvt. Ltd. was rejected. During a CoC meeting on 25.07.2018, 80.89% of CoC members voted for liquidation. The applicant argued that the Tribunal has jurisdiction to decide
…Mr. Amol Shripal Sheth, the suspended board of director of the Corporate Debtor (Anil Ltd), filed an application under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 (IBC) to set aside the liquidation order dated 25.10.2018. Reliance Commercial Finance Limited had initiated the Corporate Insolvency Resolution Process (CIRP) against Anil Ltd under Section 7 of IBC, which was admitted on 23.08.2017. A resolution plan by Bluecraft Agro Pvt. Ltd. was rejected. The Committee of Creditors (CoC) voted for liquidation with 80.89% majority on 25.07.2018. The applicant proposed a settlement plan to pay Rs. 940 crores, higher than the rejected resolution plan of Rs. 525 crores. The Corporate Debtor has been closed since April 2017 and has limited assets. The
…Reliance Commercial Finance Limited's…
Bluecraft Agro Pvt. Ltd.…