The case involves an application by Ganga Construction (Consortium) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Anil Kumar Mittal, the Resolution Professional (RP) of Varutha Developers Pvt. Ltd. (Corporate Debtor), and others. The application seeks to challenge the Corporate Insolvency Resolution Process (CIRP) of Varutha Developers, alleging collusion and fraudulent activities by the RP, the Committee of Creditors (CoC), and Manglam Multiplex Pvt. Ltd., the successful resolution applicant (SRA). The applicant contends that the CIRP was manipulated to favor Manglam Multiplex, a proxy of M3M India, by suppressing material information and sidelining genuine prospective resolution applicants (PRAs). The CIRP was initiated by Srei Equipment
…Varutha Developers Private Limited faced Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 439,10,51,260/- to SREI Equipment Finance Limited, the financial creditor. The CIRP was initiated following a loan agreement executed on July 26, 2019, where SREI sanctioned a loan facility of Rs. 300,00,00,000/- to Varutha. Ganga Construction (Consortium), a prospective resolution applicant (PRA), submitted a resolution plan with a financial proposal of Rs. 200 Crore, later enhanced to Rs. 250 Crore. Ganga Construction alleged that the Resolution Professional (RP) failed to disclose vital information about the corporate debtor's assets, particularly a land parcel, and manipulated the CIRP to favor Manglam Multiplex Pvt. Ltd., a proxy of M3M India. The
…Sign in to view the parties.
Loan Agreement executed between SREI Equipment…
Adjudicating Authority passed an ex-parte…
The case involves an application by Ganga Construction (Consortium) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Anil Kumar Mittal, the Resolution Professional (RP) of Varutha Developers Pvt. Ltd. (Corporate Debtor), and others. The application seeks to challenge the Corporate Insolvency Resolution Process (CIRP) of Varutha Developers, alleging collusion and fraudulent activities by the RP, the Committee of Creditors (CoC), and Manglam Multiplex Pvt. Ltd., the successful resolution applicant (SRA). The applicant contends that the CIRP was manipulated to favor Manglam Multiplex, a proxy of M3M India, by suppressing material information and sidelining genuine prospective resolution applicants (PRAs). The CIRP was initiated by Srei Equipment
…Varutha Developers Private Limited faced Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 439,10,51,260/- to SREI Equipment Finance Limited, the financial creditor. The CIRP was initiated following a loan agreement executed on July 26, 2019, where SREI sanctioned a loan facility of Rs. 300,00,00,000/- to Varutha. Ganga Construction (Consortium), a prospective resolution applicant (PRA), submitted a resolution plan with a financial proposal of Rs. 200 Crore, later enhanced to Rs. 250 Crore. Ganga Construction alleged that the Resolution Professional (RP) failed to disclose vital information about the corporate debtor's assets, particularly a land parcel, and manipulated the CIRP to favor Manglam Multiplex Pvt. Ltd., a proxy of M3M India. The
…Loan Agreement executed between SREI Equipment…
Adjudicating Authority passed an ex-parte…