The application I.A. (IB) No. 471/KB/2024 was filed in C.P. (IB) No. 1540/KB/2019 by Jai Kishore Gupta, an operational creditor, seeking the recall of an order dated 2024-01-12, where the NCLT approved a resolution plan for the corporate debtor, Balaji Paper and Newsprint Private Limited. The applicant also sought to declare the entire CIRP void, constitute a new CoC, obtain certified copies of the resolution plan and CoC meeting minutes, and direct an investigation by a central agency like SFIO. The applicant alleged undervaluation of the corporate debtor's assets, failure to invoke personal and corporate guarantees, and transfer of assets by personal guarantors after the commencement of CIRP.
Balaji Paper and Newsprint Private Limited, the corporate debtor, was engaged in manufacturing and supplying craft paper and printing paper. Jai Kishore Gupta, the applicant, is an operational creditor involved in selling wastepaper, including to the corporate debtor. The corporate debtor failed to clear invoices worth Rs. 9,65,35,795/- to the applicant. The applicant, as a partner in Eastern Agencies, also had an admitted claim of Rs. 1,75,49,488/-. The resolution plan was approved with 100% voting share, providing only Rs. 10 Lakhs against an admitted combined claim of Rs. 11,36,85,243/- of the applicant and other operational debts totalling Rs. 43,84,80,083/-, representing only 0.23% of the admitted claim. The applicant alleged that the respondent deliberately
…Sign in to view the parties.
CIRP initiated against Balaji Paper and…
NCLT approved the Resolution Plan presented…
The application I.A. (IB) No. 471/KB/2024 was filed in C.P. (IB) No. 1540/KB/2019 by Jai Kishore Gupta, an operational creditor, seeking the recall of an order dated 2024-01-12, where the NCLT approved a resolution plan for the corporate debtor, Balaji Paper and Newsprint Private Limited. The applicant also sought to declare the entire CIRP void, constitute a new CoC, obtain certified copies of the resolution plan and CoC meeting minutes, and direct an investigation by a central agency like SFIO. The applicant alleged undervaluation of the corporate debtor's assets, failure to invoke personal and corporate guarantees, and transfer of assets by personal guarantors after the commencement of CIRP.
Balaji Paper and Newsprint Private Limited, the corporate debtor, was engaged in manufacturing and supplying craft paper and printing paper. Jai Kishore Gupta, the applicant, is an operational creditor involved in selling wastepaper, including to the corporate debtor. The corporate debtor failed to clear invoices worth Rs. 9,65,35,795/- to the applicant. The applicant, as a partner in Eastern Agencies, also had an admitted claim of Rs. 1,75,49,488/-. The resolution plan was approved with 100% voting share, providing only Rs. 10 Lakhs against an admitted combined claim of Rs. 11,36,85,243/- of the applicant and other operational debts totalling Rs. 43,84,80,083/-, representing only 0.23% of the admitted claim. The applicant alleged that the respondent deliberately
…CIRP initiated against Balaji Paper and…
NCLT approved the Resolution Plan presented…