The case involves multiple applications (IA No. 572/2022, 32/2021, 166/2021, 179/2022) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of C & C Towers Limited. The primary dispute revolves around a Concession Agreement dated 15.04.2009 between Greater Mohali Area Development Authority (GMADA) and C & C Towers Limited for the development of a Bus Terminal-cum-Commercial Complex at Mohali. GMADA filed IA No. 572/2022 seeking to refuse sanction to the Resolution Plan proposed by Mahakram Developers Private Limited and to impose costs on the respondents and the Committee of Creditors (CoC). The core of GMADA's objection is that the Resolution Plan seeks concessions from GMADA without their consent and attempts to rewrite the contractual
…1. A Concession Agreement was signed on 15.04.2009 between GMADA and C & C Towers Limited for the development of a Bus Terminal-cum-Commercial Complex at Mohali on a Design-Build-Operate-Transfer (DBOT) basis.
2. C & C Towers Limited faced financial difficulties, leading to delays in the project and the initiation of CIRP on 10.10.2019.
3. GMADA issued a notice dated 04.04.2016 to C & C Towers Limited to show cause as to why the Concession Agreement should not be terminated due to delays.
4. GMADA filed a claim of Rs. 89,25,51,457/- as an operational creditor during the CIRP.
5. The Resolution Plan submitted by Mahakram Developers Private Limited sought various concessions from GMADA, including withdrawal of the termination notice, exclusion of certain periods
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Concession Agreement signed between GMADA and C…
GMADA issued a notice to C & C Towers Limited…
The case involves multiple applications (IA No. 572/2022, 32/2021, 166/2021, 179/2022) filed in connection with the Corporate Insolvency Resolution Process (CIRP) of C & C Towers Limited. The primary dispute revolves around a Concession Agreement dated 15.04.2009 between Greater Mohali Area Development Authority (GMADA) and C & C Towers Limited for the development of a Bus Terminal-cum-Commercial Complex at Mohali. GMADA filed IA No. 572/2022 seeking to refuse sanction to the Resolution Plan proposed by Mahakram Developers Private Limited and to impose costs on the respondents and the Committee of Creditors (CoC). The core of GMADA's objection is that the Resolution Plan seeks concessions from GMADA without their consent and attempts to rewrite the contractual
…1. A Concession Agreement was signed on 15.04.2009 between GMADA and C & C Towers Limited for the development of a Bus Terminal-cum-Commercial Complex at Mohali on a Design-Build-Operate-Transfer (DBOT) basis.
2. C & C Towers Limited faced financial difficulties, leading to delays in the project and the initiation of CIRP on 10.10.2019.
3. GMADA issued a notice dated 04.04.2016 to C & C Towers Limited to show cause as to why the Concession Agreement should not be terminated due to delays.
4. GMADA filed a claim of Rs. 89,25,51,457/- as an operational creditor during the CIRP.
5. The Resolution Plan submitted by Mahakram Developers Private Limited sought various concessions from GMADA, including withdrawal of the termination notice, exclusion of certain periods
Concession Agreement signed between GMADA and C…
GMADA issued a notice to C & C Towers Limited…