This case involves an application filed by Jiva Internet Solutions Pvt. Ltd. (the Applicant) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to the Committee of Creditors (CoC) to revoke their decision to approve the resolution plan submitted by Amrutha Constructions Pvt. Ltd. (Respondent No. 6) and to accept the resolution plan submitted by the Applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated against Galada Power and Telecommunication Ltd. based on a petition filed by Stressed Assets Stabilization Fund. The Applicant contends that their resolution plan offered a higher amount to CoC members and workmen but was unfairly rejected in favor of Respondent No. 6.
The Stressed Assets Stabilization Fund initiated CIRP against Galada Power and Telecommunication Ltd. The Interim Resolution Professional (IRP) invited Expression of Interest (EOI) from prospective resolution applicants. Jiva Internet Solutions Pvt. Ltd. submitted a resolution plan for Rs. 39,87,26,575. The Resolution Professional (RP) shortlisted three resolution applicants. The Committee of Creditors (CoC) selected Amrutha Constructions Pvt. Ltd.'s resolution plan through e-voting. Jiva Internet Solutions Pvt. Ltd. protested, claiming their plan offered a higher amount. The RP stated the CoC's decision was based on an evaluation matrix. Jiva Internet Solutions Pvt. Ltd. filed an application under Section 60(5) of the IBC, challenging the CoC's decision. The CoC
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The Company Petition CP(IB)…
The Company Petition was admitted into CIRP by…
This case involves an application filed by Jiva Internet Solutions Pvt. Ltd. (the Applicant) under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking directions to the Committee of Creditors (CoC) to revoke their decision to approve the resolution plan submitted by Amrutha Constructions Pvt. Ltd. (Respondent No. 6) and to accept the resolution plan submitted by the Applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated against Galada Power and Telecommunication Ltd. based on a petition filed by Stressed Assets Stabilization Fund. The Applicant contends that their resolution plan offered a higher amount to CoC members and workmen but was unfairly rejected in favor of Respondent No. 6.
The Stressed Assets Stabilization Fund initiated CIRP against Galada Power and Telecommunication Ltd. The Interim Resolution Professional (IRP) invited Expression of Interest (EOI) from prospective resolution applicants. Jiva Internet Solutions Pvt. Ltd. submitted a resolution plan for Rs. 39,87,26,575. The Resolution Professional (RP) shortlisted three resolution applicants. The Committee of Creditors (CoC) selected Amrutha Constructions Pvt. Ltd.'s resolution plan through e-voting. Jiva Internet Solutions Pvt. Ltd. protested, claiming their plan offered a higher amount. The RP stated the CoC's decision was based on an evaluation matrix. Jiva Internet Solutions Pvt. Ltd. filed an application under Section 60(5) of the IBC, challenging the CoC's decision. The CoC
…The Company Petition CP(IB)…
The Company Petition was admitted into CIRP by…