The case involves an application (IA No. 3478/2022) filed by the Resolution Professional (RP) of Saturn Rings and Forgings Private Limited ("Corporate Debtor") seeking approval of a Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016 ("Code"). Prior to addressing the Resolution Plan approval, the tribunal considered IA No. 787/2023, filed by the RP against the suspended Directors of the Corporate Debtor, seeking declarations regarding fraudulent transactions and directions for contributions to the Corporate Debtor's assets. Additionally, IVN. P. 12/2023, filed by Saturn Ventures and Advisors Private Limited, contested the RP's declaration regarding the ownership of the machinery named Wagner 630 line. The core dispute
…Saturn Rings and Forgings Private Limited ("Corporate Debtor") underwent Corporate Insolvency Resolution Process (CIRP) initiated by an order dated 24.12.2021. S. Gopalkrishnan was appointed as the Interim Resolution Professional (IRP). The RP filed an application (IA No. 3478/2022) seeking approval of the Resolution Plan submitted by Agrasen Engineering India Private Limited ("Successful Resolution Applicant/SRA"). A key dispute arose regarding the ownership of the Wagner 630 line, a piece of machinery. Saturn Ventures and Advisors Private Limited ("Intervenor"), the holding company of the Corporate Debtor, claimed ownership of the Wagner 630 line, asserting it was leased to the Corporate Debtor and later repossessed. The RP contested
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Saturn Ventures and Advisors Private Limited…
Saturn Rings and…
The case involves an application (IA No. 3478/2022) filed by the Resolution Professional (RP) of Saturn Rings and Forgings Private Limited ("Corporate Debtor") seeking approval of a Resolution Plan under Section 31 of the Insolvency and Bankruptcy Code, 2016 ("Code"). Prior to addressing the Resolution Plan approval, the tribunal considered IA No. 787/2023, filed by the RP against the suspended Directors of the Corporate Debtor, seeking declarations regarding fraudulent transactions and directions for contributions to the Corporate Debtor's assets. Additionally, IVN. P. 12/2023, filed by Saturn Ventures and Advisors Private Limited, contested the RP's declaration regarding the ownership of the machinery named Wagner 630 line. The core dispute
…Saturn Rings and Forgings Private Limited ("Corporate Debtor") underwent Corporate Insolvency Resolution Process (CIRP) initiated by an order dated 24.12.2021. S. Gopalkrishnan was appointed as the Interim Resolution Professional (IRP). The RP filed an application (IA No. 3478/2022) seeking approval of the Resolution Plan submitted by Agrasen Engineering India Private Limited ("Successful Resolution Applicant/SRA"). A key dispute arose regarding the ownership of the Wagner 630 line, a piece of machinery. Saturn Ventures and Advisors Private Limited ("Intervenor"), the holding company of the Corporate Debtor, claimed ownership of the Wagner 630 line, asserting it was leased to the Corporate Debtor and later repossessed. The RP contested
…Saturn Ventures and Advisors Private Limited…
Saturn Rings and…