The case involves an application filed by Sanghi Steel Udyog Private Limited and Bijay Kumar Poddar against Dream Valley Projects Private Limited and others, including Pixel Consultancy Private Limited. The applicants sought to set aside a CIRP order dated 18th July 2023, initiated by Pixel Consultancy against Dream Valley Projects. The applicants alleged collusion between Pixel Consultancy and Dream Valley to deny rightful dues. The applicants were previously restrained by the Bombay High Court from initiating Section 7 proceedings against the corporate debtor. The Resolution Professional sought approval of a resolution plan approved by the Committee of Creditors (CoC).
Sanghi Steel Udyog Private Limited and Bijay Kumar Poddar filed an application (C.P. (I.B.) No. 220/(KB)2022) against Dream Valley Projects Private Limited and others, seeking to set aside the CIRP order dated 18th July 2023. Sanghi Steel had previously extended a loan of Rs. 6.48 crores to Dream Valley. When Dream Valley defaulted, Sanghi Steel attempted to initiate Section 7 proceedings but was restrained by the Bombay High Court. Subsequently, Pixel Consultancy Private Limited, another financial creditor, initiated CIRP against Dream Valley, which was admitted by the Tribunal. Sanghi Steel alleged collusion between Pixel Consultancy and Dream Valley, citing common directors, shareholders, and registered offices. The Resolution Professional made paper publication
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The applicant demanded…
Respondents filed an…
The case involves an application filed by Sanghi Steel Udyog Private Limited and Bijay Kumar Poddar against Dream Valley Projects Private Limited and others, including Pixel Consultancy Private Limited. The applicants sought to set aside a CIRP order dated 18th July 2023, initiated by Pixel Consultancy against Dream Valley Projects. The applicants alleged collusion between Pixel Consultancy and Dream Valley to deny rightful dues. The applicants were previously restrained by the Bombay High Court from initiating Section 7 proceedings against the corporate debtor. The Resolution Professional sought approval of a resolution plan approved by the Committee of Creditors (CoC).
Sanghi Steel Udyog Private Limited and Bijay Kumar Poddar filed an application (C.P. (I.B.) No. 220/(KB)2022) against Dream Valley Projects Private Limited and others, seeking to set aside the CIRP order dated 18th July 2023. Sanghi Steel had previously extended a loan of Rs. 6.48 crores to Dream Valley. When Dream Valley defaulted, Sanghi Steel attempted to initiate Section 7 proceedings but was restrained by the Bombay High Court. Subsequently, Pixel Consultancy Private Limited, another financial creditor, initiated CIRP against Dream Valley, which was admitted by the Tribunal. Sanghi Steel alleged collusion between Pixel Consultancy and Dream Valley, citing common directors, shareholders, and registered offices. The Resolution Professional made paper publication
…The applicant demanded…
Respondents filed an…