The case involves an application filed by Jiva Internet Solutions Pvt. Ltd., the Resolution Applicant, under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant sought directions to Respondents 1 to 5 to revoke their decision to approve the Resolution Plan submitted by Respondent 6, Amrutha Constructions Pvt. Ltd., and to accept the Resolution Plan submitted by the applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated against Galada Power and Telecommunications Ltd. based on a petition filed by Stressed Assets Stabilization Fund. The Interim Resolution Professional (IRP) invited Expression of Interest (EOI), and Jiva Internet Solutions submitted its Financial Proposal and
…The Stressed Assets Stabilization Fund initiated CIRP against Galada Power and Telecommunications Ltd. The Interim Resolution Professional (IRP) invited Expression of Interest (EOI). Jiva Internet Solutions submitted a Resolution Plan for Rs.39,87,26,575/-. The RP shortlisted three Resolution Applicants. The CoC selected Amrutha Constructions Pvt. Ltd. through e-voting, concluding on 2021-09-17. Jiva Internet Solutions alleged that the RP and CoC manipulated qualitative parameters and committed fraud. Jiva Internet Solutions claimed to have offered a higher amount to CoC members and workmen. The CoC's decision was based on the financial strength and in-house talent of Amrutha Constructions. The CoC considered the net worth, track record, and core competence of the
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Company Petition CP(IB)…
The Company Petition…
The case involves an application filed by Jiva Internet Solutions Pvt. Ltd., the Resolution Applicant, under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant sought directions to Respondents 1 to 5 to revoke their decision to approve the Resolution Plan submitted by Respondent 6, Amrutha Constructions Pvt. Ltd., and to accept the Resolution Plan submitted by the applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated against Galada Power and Telecommunications Ltd. based on a petition filed by Stressed Assets Stabilization Fund. The Interim Resolution Professional (IRP) invited Expression of Interest (EOI), and Jiva Internet Solutions submitted its Financial Proposal and
…The Stressed Assets Stabilization Fund initiated CIRP against Galada Power and Telecommunications Ltd. The Interim Resolution Professional (IRP) invited Expression of Interest (EOI). Jiva Internet Solutions submitted a Resolution Plan for Rs.39,87,26,575/-. The RP shortlisted three Resolution Applicants. The CoC selected Amrutha Constructions Pvt. Ltd. through e-voting, concluding on 2021-09-17. Jiva Internet Solutions alleged that the RP and CoC manipulated qualitative parameters and committed fraud. Jiva Internet Solutions claimed to have offered a higher amount to CoC members and workmen. The CoC's decision was based on the financial strength and in-house talent of Amrutha Constructions. The CoC considered the net worth, track record, and core competence of the
…Company Petition CP(IB)…
The Company Petition…