The case involves an application under Section 31(1) of the Insolvency and Bankruptcy Code (IBC), 2016, for the approval of a resolution plan for MSX Mall Private Limited. The application was initially rejected by the Tribunal, but the order was reversed by the NCLAT based on the Supreme Court's judgment in Hari Babu Thota, which addressed the eligibility of MSMEs in CIRP. The resolution applicants are the ex-directors/promoters of the corporate debtor, Madhav Saran Agarwal and Alka Agarwal. The CIRP was initiated following an application by Ranjit Das & Ors. The resolution plan was approved by the CoC with 89.85% voting share. The resolution plan includes provisions for repayment to creditors, handing over possession of units to Commercial Space Buyers (CSBs), and
…The Corporate Debtor, MSX Mall Private Limited, is registered with the Ministry of Corporate Affairs and operates a commercial mall in Greater Noida, Uttar Pradesh. The CIRP was initiated on July 9, 2018, following an application by Ranjit Das & Ors, financial creditors, under Section 7 of the IBC. The Resolution Applicants, Madhav Saran Agarwal and Alka Agarwal, are the ex-directors/promoters of the Corporate Debtor. The Resolution Professional (RP) faced non-cooperation from the ex-directors/promoters and statutory auditor during the CIRP. The RP conducted 13 meetings of the Committee of Creditors (CoC). The Forensic Auditor submitted a report identifying various preferential transactions, undervalued transactions, and fraudulent trading. The RP issued
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Order passed for initiation of Corporate…
The Interim Resolution Professional (IRP) was…
The case involves an application under Section 31(1) of the Insolvency and Bankruptcy Code (IBC), 2016, for the approval of a resolution plan for MSX Mall Private Limited. The application was initially rejected by the Tribunal, but the order was reversed by the NCLAT based on the Supreme Court's judgment in Hari Babu Thota, which addressed the eligibility of MSMEs in CIRP. The resolution applicants are the ex-directors/promoters of the corporate debtor, Madhav Saran Agarwal and Alka Agarwal. The CIRP was initiated following an application by Ranjit Das & Ors. The resolution plan was approved by the CoC with 89.85% voting share. The resolution plan includes provisions for repayment to creditors, handing over possession of units to Commercial Space Buyers (CSBs), and
…The Corporate Debtor, MSX Mall Private Limited, is registered with the Ministry of Corporate Affairs and operates a commercial mall in Greater Noida, Uttar Pradesh. The CIRP was initiated on July 9, 2018, following an application by Ranjit Das & Ors, financial creditors, under Section 7 of the IBC. The Resolution Applicants, Madhav Saran Agarwal and Alka Agarwal, are the ex-directors/promoters of the Corporate Debtor. The Resolution Professional (RP) faced non-cooperation from the ex-directors/promoters and statutory auditor during the CIRP. The RP conducted 13 meetings of the Committee of Creditors (CoC). The Forensic Auditor submitted a report identifying various preferential transactions, undervalued transactions, and fraudulent trading. The RP issued
…Order passed for initiation of Corporate…
The Interim Resolution Professional (IRP) was…