The case involves two applications under the Insolvency and Bankruptcy Code, 2016 (IBC). IA(IBC)/271(CHE)/2020 was filed by the Resolution Professional (RP) of Hamsini Foundations Private Limited, seeking approval of the resolution plan submitted by Tatia Developer Private Limited, which was approved by the Committee of Creditors (CoC) with 67.387% of voting. IA(IBC)/1187(CHE)/2020 was filed by Mr. A.B. Jagadeesan, a creditor, seeking to reject the resolution plan submitted by the Successful Resolution Applicant (SRA). The Corporate Debtor was admitted to CIRP on 12.03.2019, and Mr. A. Arumugam was appointed as the Interim Resolution Professional (IRP), later confirmed as the RP.
Hamsini Foundations Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 12.03.2019. A. Arumugam was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) comprised 2 financial creditors and 49 homebuyers. Tatia Developer Private Limited submitted a resolution plan that was initially approved with 64.479% of votes, later revised to 67.387% after correcting an 8% interest component for homebuyers. A.B. Jagadeesan, a creditor and landowner, objected to the resolution plan, claiming he was unaware of the appointment of Mr. Krishnamachari as Authorised Representative for the homebuyers and questioning the fairness of the CIRP process. Jagadeesan, along with other landowners, had entered into a Joint Development
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Corporate D…
Mr. A.Arumugam…
The case involves two applications under the Insolvency and Bankruptcy Code, 2016 (IBC). IA(IBC)/271(CHE)/2020 was filed by the Resolution Professional (RP) of Hamsini Foundations Private Limited, seeking approval of the resolution plan submitted by Tatia Developer Private Limited, which was approved by the Committee of Creditors (CoC) with 67.387% of voting. IA(IBC)/1187(CHE)/2020 was filed by Mr. A.B. Jagadeesan, a creditor, seeking to reject the resolution plan submitted by the Successful Resolution Applicant (SRA). The Corporate Debtor was admitted to CIRP on 12.03.2019, and Mr. A. Arumugam was appointed as the Interim Resolution Professional (IRP), later confirmed as the RP.
Hamsini Foundations Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 12.03.2019. A. Arumugam was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) comprised 2 financial creditors and 49 homebuyers. Tatia Developer Private Limited submitted a resolution plan that was initially approved with 64.479% of votes, later revised to 67.387% after correcting an 8% interest component for homebuyers. A.B. Jagadeesan, a creditor and landowner, objected to the resolution plan, claiming he was unaware of the appointment of Mr. Krishnamachari as Authorised Representative for the homebuyers and questioning the fairness of the CIRP process. Jagadeesan, along with other landowners, had entered into a Joint Development
…Corporate D…
Mr. A.Arumugam…