IFCI Ltd., a dissenting financial creditor, filed I.A. 2238/2022 challenging the approval of the resolution plan submitted by Royal Heights Projects Private Limited. The applicant claimed that the resolution plan did not provide a holistic resolution for all projects of the corporate debtor, Heera Constructions Private Limited, and contravened a previous order. The applicant sought rejection of the resolution plan or disbursement of the liquidation value, citing a lack of holistic resolution and non-compliance with IBC regulations. The resolution plan was approved by the CoC with a majority of 79.43%.
IFCI Ltd. is a financial creditor to Heera Constructions Private Limited, the corporate debtor, having extended a loan of Rs. 50 Crore secured by a mortgage on four properties. The corporate insolvency resolution process (CIRP) was initiated against Heera Constructions Private Limited, and a resolution plan submitted by Royal Heights Projects Private Limited was approved by the Committee of Creditors (CoC) with a 79.43% majority. IFCI Ltd., holding 20.546% voting share, dissented from the plan, arguing it did not provide a holistic resolution for all 17 projects of the corporate debtor and violated a prior tribunal order dated March 3, 2022. The resolution plan categorized projects into phases, with only 7 out of 12 projects addressed in Phase I. IFCI Ltd. also claimed
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IFCI Ltd., a dissenting financial creditor, filed I.A. 2238/2022 challenging the approval of the resolution plan submitted by Royal Heights Projects Private Limited. The applicant claimed that the resolution plan did not provide a holistic resolution for all projects of the corporate debtor, Heera Constructions Private Limited, and contravened a previous order. The applicant sought rejection of the resolution plan or disbursement of the liquidation value, citing a lack of holistic resolution and non-compliance with IBC regulations. The resolution plan was approved by the CoC with a majority of 79.43%.
IFCI Ltd. is a financial creditor to Heera Constructions Private Limited, the corporate debtor, having extended a loan of Rs. 50 Crore secured by a mortgage on four properties. The corporate insolvency resolution process (CIRP) was initiated against Heera Constructions Private Limited, and a resolution plan submitted by Royal Heights Projects Private Limited was approved by the Committee of Creditors (CoC) with a 79.43% majority. IFCI Ltd., holding 20.546% voting share, dissented from the plan, arguing it did not provide a holistic resolution for all 17 projects of the corporate debtor and violated a prior tribunal order dated March 3, 2022. The resolution plan categorized projects into phases, with only 7 out of 12 projects addressed in Phase I. IFCI Ltd. also claimed
…The matter per…
Heera Construction Company Limited (HCCL) has…