The case involves an application (IA No. 102/MB/2024) filed by the Resolution Professional (RP) of Snehanjali and S.B. Developers Private Limited, the Corporate Debtor (CD), seeking approval of a Resolution Plan submitted by La Mer Developers Private Limited in consortium with Neel Builders and Developers, the Successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated after homebuyers, acting as Financial Creditors (FCs), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Adjudicating Authority (AA) admitted the CD into CIRP, a decision challenged unsuccessfully before the NCLAT. The RP was appointed and the Committee of Creditors (CoC) was constituted, primarily comprising the
…Snehanjali and S.B. Developers Private Limited (Corporate Debtor) faced Corporate Insolvency Resolution Process (CIRP) after homebuyers (Financial Creditors) initiated proceedings under Section 7 of the IBC due to the company's failure to complete a redevelopment project named 'O2'. The project involved 7 wings with 280 units for re-settlers and 6 wings with 310 units for free sale. The Committee of Creditors (CoC), primarily consisting of homebuyers' representatives, approved a resolution plan submitted by La Mer Developers Limited in consortium with Neel Builders and Developers (Successful Resolution Applicant - SRA) with 83.46% voting share. The plan includes provisions for settling claims of various creditors, including homebuyers (through delivery of flats),
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Adjudicating Authority admitted the Corporate…
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The case involves an application (IA No. 102/MB/2024) filed by the Resolution Professional (RP) of Snehanjali and S.B. Developers Private Limited, the Corporate Debtor (CD), seeking approval of a Resolution Plan submitted by La Mer Developers Private Limited in consortium with Neel Builders and Developers, the Successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated after homebuyers, acting as Financial Creditors (FCs), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Adjudicating Authority (AA) admitted the CD into CIRP, a decision challenged unsuccessfully before the NCLAT. The RP was appointed and the Committee of Creditors (CoC) was constituted, primarily comprising the
…Snehanjali and S.B. Developers Private Limited (Corporate Debtor) faced Corporate Insolvency Resolution Process (CIRP) after homebuyers (Financial Creditors) initiated proceedings under Section 7 of the IBC due to the company's failure to complete a redevelopment project named 'O2'. The project involved 7 wings with 280 units for re-settlers and 6 wings with 310 units for free sale. The Committee of Creditors (CoC), primarily consisting of homebuyers' representatives, approved a resolution plan submitted by La Mer Developers Limited in consortium with Neel Builders and Developers (Successful Resolution Applicant - SRA) with 83.46% voting share. The plan includes provisions for settling claims of various creditors, including homebuyers (through delivery of flats),
…Adjudicating Authority admitted the Corporate…
Public announcement was made as per…