The case involves a corporate insolvency resolution process (CIRP) initiated against a corporate debtor on 2018-12-11. Resolution plans were submitted, and the appellant consortium submitted a resolution plan. The 15th meeting of the Committee of Creditors (CoC) held on 2019-11-08 approved the plan with 77.91% of the votes, while HDFC Bank, holding 20.74% of the voting shares, voted against it. The Resolution Professional (RP) filed I.A. 1512/2019 seeking approval of the resolution plan. HDFC Bank, as a dissenting financial creditor, filed I.A. 1684/2019 objecting to the plan and seeking its rejection. The Adjudicating Authority noted HDFC Bank's objections, particularly regarding its entitlement as a dissenting financial creditor. The Adjudicating Authority concluded
…The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on 2018-12-11. Resolution Plans were submitted following the issuance of `Form-G' by the Resolution Professional (RP). The Appellant consortium submitted a Resolution Plan. In the 15th Meeting of the Committee of Creditors (CoC) held on 2019-11-08, 77.91% of the votes approved the Plan, while HDFC Bank, holding 20.74% of the voting shares, voted against the Resolution Plan. The RP filed I.A. 1512/2019 seeking approval of the Resolution Plan. HDFC Bank, as a Dissenting Financial Creditor, filed an Application I.A. 1684/2019 objecting to I.A. 1512/2019 and seeking rejection of the Resolution Plan. The Adjudicating Authority noted the objections raised by HDFC Bank, particularly
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The Corporate…
In the 15th Meeting of the Committee of…
The case involves a corporate insolvency resolution process (CIRP) initiated against a corporate debtor on 2018-12-11. Resolution plans were submitted, and the appellant consortium submitted a resolution plan. The 15th meeting of the Committee of Creditors (CoC) held on 2019-11-08 approved the plan with 77.91% of the votes, while HDFC Bank, holding 20.74% of the voting shares, voted against it. The Resolution Professional (RP) filed I.A. 1512/2019 seeking approval of the resolution plan. HDFC Bank, as a dissenting financial creditor, filed I.A. 1684/2019 objecting to the plan and seeking its rejection. The Adjudicating Authority noted HDFC Bank's objections, particularly regarding its entitlement as a dissenting financial creditor. The Adjudicating Authority concluded
…The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on 2018-12-11. Resolution Plans were submitted following the issuance of `Form-G' by the Resolution Professional (RP). The Appellant consortium submitted a Resolution Plan. In the 15th Meeting of the Committee of Creditors (CoC) held on 2019-11-08, 77.91% of the votes approved the Plan, while HDFC Bank, holding 20.74% of the voting shares, voted against the Resolution Plan. The RP filed I.A. 1512/2019 seeking approval of the Resolution Plan. HDFC Bank, as a Dissenting Financial Creditor, filed an Application I.A. 1684/2019 objecting to I.A. 1512/2019 and seeking rejection of the Resolution Plan. The Adjudicating Authority noted the objections raised by HDFC Bank, particularly
…The Corporate…
In the 15th Meeting of the Committee of…