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 Committee of Creditors (CoC) approved the resolution plan with 83.46% voting share.
Snehanjali and S.B. Developers Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application by homebuyers (Financial Creditors) under Section 7 of the IBC. The Adjudicating Authority admitted the CD into CIRP, a decision upheld by the NCLAT. Mr. Dinesh Kumar Deora was appointed as the Resolution Professional (RP). The RP invited claims from creditors and constituted a Committee of Creditors (CoC). The CoC 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 SRA's plan involved completing the Corporate Debtor's 'O2' project, which consisted of 7 wings with 280 units for re-settlers and
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Adjudicating Authority admitted the Corporate…
Public announcement was made as per…
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 Committee of Creditors (CoC) approved the resolution plan with 83.46% voting share.
Snehanjali and S.B. Developers Private Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) following an application by homebuyers (Financial Creditors) under Section 7 of the IBC. The Adjudicating Authority admitted the CD into CIRP, a decision upheld by the NCLAT. Mr. Dinesh Kumar Deora was appointed as the Resolution Professional (RP). The RP invited claims from creditors and constituted a Committee of Creditors (CoC). The CoC 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 SRA's plan involved completing the Corporate Debtor's 'O2' project, which consisted of 7 wings with 280 units for re-settlers and
…Adjudicating Authority admitted the Corporate…
Public announcement was made as per…