The application was filed by the Suspended Directors of the Corporate Debtor, M/s. Calchem Industries (India) Limited, under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to quash the approval of the resolution plan of Sadhana Nitro Chem Limited by the CoC, direct the Respondent to provide the Applicants with all relevant documents, and restrain the Respondent from taking further steps in relation to the approval of the resolution plan. The Applicants contended that they were not given proper notice of the CoC meetings and were denied the opportunity to participate effectively in the resolution process, violating the principles of natural justice and the provisions of the IBC.
The Applicants, Amir Dodhia, Zulekha Dodhia, and Hamida Dodhia, are the suspended directors of M/s. Calchem Industries (India) Limited, the Corporate Debtor. They filed an application seeking to quash the approval of the resolution plan of Sadhana Nitro Chem Limited by the CoC. The Applicants received an email on 14.10.2020, informing them of the 9th CoC meeting held on 13.10.2020, where the resolution plan was approved with 100% voting. The Applicants were not invited to this meeting. They were also not provided with the details of the video meeting for the 8th CoC meeting held on 21.09.2020, until after the meeting had ended. Bank of Baroda is the sole CoC member. The Corporate Debtor had previously offered Rs. 16.50 crores towards One Time Settlement of Bank of
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The Corporate Debtor offered Rs. 16.50 crores…
Applicants were allegedly not provided with…
The application was filed by the Suspended Directors of the Corporate Debtor, M/s. Calchem Industries (India) Limited, under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to quash the approval of the resolution plan of Sadhana Nitro Chem Limited by the CoC, direct the Respondent to provide the Applicants with all relevant documents, and restrain the Respondent from taking further steps in relation to the approval of the resolution plan. The Applicants contended that they were not given proper notice of the CoC meetings and were denied the opportunity to participate effectively in the resolution process, violating the principles of natural justice and the provisions of the IBC.
The Applicants, Amir Dodhia, Zulekha Dodhia, and Hamida Dodhia, are the suspended directors of M/s. Calchem Industries (India) Limited, the Corporate Debtor. They filed an application seeking to quash the approval of the resolution plan of Sadhana Nitro Chem Limited by the CoC. The Applicants received an email on 14.10.2020, informing them of the 9th CoC meeting held on 13.10.2020, where the resolution plan was approved with 100% voting. The Applicants were not invited to this meeting. They were also not provided with the details of the video meeting for the 8th CoC meeting held on 21.09.2020, until after the meeting had ended. Bank of Baroda is the sole CoC member. The Corporate Debtor had previously offered Rs. 16.50 crores towards One Time Settlement of Bank of
…The Corporate Debtor offered Rs. 16.50 crores…
Applicants were allegedly not provided with…