The case involves multiple applications related to the Corporate Insolvency Resolution Process (CIRP) of Suasth Health Care Foundation. The CIRP was initiated based on an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). The resolution professional (RP) received a resolution plan from Nishkala Healthcare Private Limited and Ujin Pharma Chem (Successful Resolution Applicant - SRA). The applicant, a suspended member of the board of directors, challenged the resolution plan, primarily concerning the distribution of plan value among operational creditors, particularly employees and workmen. The applicant also questioned the allocation of a NIL amount to Hari Vitthal Mission (HVM), an unsecured financial creditor, arguing that it violates Section
…Suasth Health Care Foundation underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) received a resolution plan from Nishkala Healthcare Private Limited and Ujin Pharma Chem (Successful Resolution Applicant - SRA). A suspended member of the board of directors challenged the resolution plan, contesting the distribution of plan value, particularly the NIL allocation to unsecured financial creditor Hari Vitthal Mission (HVM). HVM's claim was initially admitted, and they were allowed representation in the Committee of Creditors (CoC), but later they were treated as a related party and ousted from the CoC. The Adjudicating Authority had previously directed the CoC to
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Corporate Debtor admitted into CIRP by the…
IRP made the publication of a public…
The case involves multiple applications related to the Corporate Insolvency Resolution Process (CIRP) of Suasth Health Care Foundation. The CIRP was initiated based on an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). The resolution professional (RP) received a resolution plan from Nishkala Healthcare Private Limited and Ujin Pharma Chem (Successful Resolution Applicant - SRA). The applicant, a suspended member of the board of directors, challenged the resolution plan, primarily concerning the distribution of plan value among operational creditors, particularly employees and workmen. The applicant also questioned the allocation of a NIL amount to Hari Vitthal Mission (HVM), an unsecured financial creditor, arguing that it violates Section
…Suasth Health Care Foundation underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) received a resolution plan from Nishkala Healthcare Private Limited and Ujin Pharma Chem (Successful Resolution Applicant - SRA). A suspended member of the board of directors challenged the resolution plan, contesting the distribution of plan value, particularly the NIL allocation to unsecured financial creditor Hari Vitthal Mission (HVM). HVM's claim was initially admitted, and they were allowed representation in the Committee of Creditors (CoC), but later they were treated as a related party and ousted from the CoC. The Adjudicating Authority had previously directed the CoC to
…Corporate Debtor admitted into CIRP by the…
IRP made the publication of a public…