The case revolves around an application (I.A. No. 1299/(KB)/2024) filed in the context of a corporate insolvency resolution process (CIRP) initiated against M/s Energy Properties Private Limited (Corporate Debtor) by M/s Avani Towers Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, Chintan Jhunjhunwala, a suspended director of the Corporate Debtor, challenges the inclusion of Avani Towers Private Limited in the Committee of Creditors (CoC), arguing that Avani Towers, being a related party, is ineligible to be part of the CoC. The core dispute centers on whether Avani Towers, initially classified as a financial creditor and a related party, can circumvent this disqualification by claiming to be an
…M/s Avani Towers Private Limited initiated CIRP against M/s Energy Properties Private Limited under Section 7 of IBC, 2016, as a financial creditor. The Corporate Debtor, M/s Energy Properties Private Limited, owns land measuring 10.19 acres in West Bengal, acquired in 2008 under the SARFAESI Act. A Development Agreement was entered into between the Corporate Debtor and Avani Towers for developing the land, with Avani Towers making a security deposit of Rs. 12 crores, which was not to carry any interest. An additional sum of up to Rs. 3 crores, advanced by Avani Towers, was to carry 18% interest. No development work was carried out. In 2019, Sesa International Limited filed an application against Avani Towers, leading to CIRP against Avani Towers. Avani Towers then
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The Corporate Debtor acquired land measuring…
The Corporate Debtor entered into a…
The case revolves around an application (I.A. No. 1299/(KB)/2024) filed in the context of a corporate insolvency resolution process (CIRP) initiated against M/s Energy Properties Private Limited (Corporate Debtor) by M/s Avani Towers Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, Chintan Jhunjhunwala, a suspended director of the Corporate Debtor, challenges the inclusion of Avani Towers Private Limited in the Committee of Creditors (CoC), arguing that Avani Towers, being a related party, is ineligible to be part of the CoC. The core dispute centers on whether Avani Towers, initially classified as a financial creditor and a related party, can circumvent this disqualification by claiming to be an
…M/s Avani Towers Private Limited initiated CIRP against M/s Energy Properties Private Limited under Section 7 of IBC, 2016, as a financial creditor. The Corporate Debtor, M/s Energy Properties Private Limited, owns land measuring 10.19 acres in West Bengal, acquired in 2008 under the SARFAESI Act. A Development Agreement was entered into between the Corporate Debtor and Avani Towers for developing the land, with Avani Towers making a security deposit of Rs. 12 crores, which was not to carry any interest. An additional sum of up to Rs. 3 crores, advanced by Avani Towers, was to carry 18% interest. No development work was carried out. In 2019, Sesa International Limited filed an application against Avani Towers, leading to CIRP against Avani Towers. Avani Towers then
…The Corporate Debtor acquired land measuring…
The Corporate Debtor entered into a…