The case involves an application (IA.No.407 of 2023) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Dharti Dredging and Infrastructure Limited (CP (IB) NO. 329/7/HDB/2020). The applicant, Mr. A. Rajendra, a shareholder and suspended managing director of the corporate debtor, sought a direction for the respondent (Resolution Professional) to place his resolution plan before the Committee of Creditors (CoC) for consideration and to stay the voting results of another resolution plan. The Resolution Professional rejected Mr. Rajendra's plan, citing non-compliance with Section 29A of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant appealed this rejection, which led to the current proceedings.
1. Corporate Insolvency Resolution Process (CIRP) was initiated against Dharti Dredging and Infrastructure Limited on 2022-04-05.
2. Mr. A. Rajendra, a shareholder and suspended managing director, submitted a resolution plan on 2023-01-13.
3. The Resolution Professional (RP) rejected the plan, citing violations of the IBC.
4. The applicant appealed the rejection to the Adjudicating Authority, which condoned the delay in submission and directed the RP to re-examine the plan.
5. The RP again rejected the plan on 2023-02-24, stating non-compliance with Section 29A of the IBC.
6. The RP received multiple Expressions of Interest (EOIs) and informed the CoC.
7. The CoC approved a resolution plan submitted by Yogayatan Ports Private Limited and Dr. Rajendra Raja Bali Singh with
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Corporate Insolvency Resolution Process (CIRP)…
Mr. A. Raj…
The case involves an application (IA.No.407 of 2023) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Dharti Dredging and Infrastructure Limited (CP (IB) NO. 329/7/HDB/2020). The applicant, Mr. A. Rajendra, a shareholder and suspended managing director of the corporate debtor, sought a direction for the respondent (Resolution Professional) to place his resolution plan before the Committee of Creditors (CoC) for consideration and to stay the voting results of another resolution plan. The Resolution Professional rejected Mr. Rajendra's plan, citing non-compliance with Section 29A of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant appealed this rejection, which led to the current proceedings.
1. Corporate Insolvency Resolution Process (CIRP) was initiated against Dharti Dredging and Infrastructure Limited on 2022-04-05.
2. Mr. A. Rajendra, a shareholder and suspended managing director, submitted a resolution plan on 2023-01-13.
3. The Resolution Professional (RP) rejected the plan, citing violations of the IBC.
4. The applicant appealed the rejection to the Adjudicating Authority, which condoned the delay in submission and directed the RP to re-examine the plan.
5. The RP again rejected the plan on 2023-02-24, stating non-compliance with Section 29A of the IBC.
6. The RP received multiple Expressions of Interest (EOIs) and informed the CoC.
7. The CoC approved a resolution plan submitted by Yogayatan Ports Private Limited and Dr. Rajendra Raja Bali Singh with
Corporate Insolvency Resolution Process (CIRP)…
Mr. A. Raj…