The case involves an application filed by Bala Anand Jeldi, the Promoter, Director, and Shareholder of Hindustan Magnesium Products Private Limited/Corporate Debtor, challenging Clause 6(r) of the Resolution Plan submitted by Respondent No.2, K. Venkata Ratna Prasad. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant contends that Clause 6(r) of the Resolution Plan is illegal because the Corporate Debtor has not developed any technical know-how relating to manufacturing of Aluminium and Magnesium Alloy, and no intellectual property Right was registered or assigned in the name of the Corporate Debtor in connection with manufacturing of Aluminum and Magnesium. The applicant also alleges that the Resolution
…Bala Anand Jeldi, the Promoter, Director, and Shareholder of Hindustan Magnesium Products Private Limited (Corporate Debtor), filed an application challenging Clause 6(r) of the Resolution Plan submitted by K. Venkata Ratna Prasad (Respondent No.2). The Company Petition filed by Respondent No.2 was admitted under Section 7 of the IBC on 2022-04-19, and Shri V. Shankar was appointed as Interim Resolution Professional. The 5th Committee of Creditors (COC) Meeting held on 2022-09-21 approved the resolution plan submitted by Respondent No.2. The applicant contends that the Resolution Professional failed to provide the Resolution Plan to the Applicant along with the notice. The applicant argues that the Corporate Debtor has not developed any technical know-how relating to
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Company Petition (IB)…
The Tribunal admitted the Company Petition…
The case involves an application filed by Bala Anand Jeldi, the Promoter, Director, and Shareholder of Hindustan Magnesium Products Private Limited/Corporate Debtor, challenging Clause 6(r) of the Resolution Plan submitted by Respondent No.2, K. Venkata Ratna Prasad. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant contends that Clause 6(r) of the Resolution Plan is illegal because the Corporate Debtor has not developed any technical know-how relating to manufacturing of Aluminium and Magnesium Alloy, and no intellectual property Right was registered or assigned in the name of the Corporate Debtor in connection with manufacturing of Aluminum and Magnesium. The applicant also alleges that the Resolution
…Bala Anand Jeldi, the Promoter, Director, and Shareholder of Hindustan Magnesium Products Private Limited (Corporate Debtor), filed an application challenging Clause 6(r) of the Resolution Plan submitted by K. Venkata Ratna Prasad (Respondent No.2). The Company Petition filed by Respondent No.2 was admitted under Section 7 of the IBC on 2022-04-19, and Shri V. Shankar was appointed as Interim Resolution Professional. The 5th Committee of Creditors (COC) Meeting held on 2022-09-21 approved the resolution plan submitted by Respondent No.2. The applicant contends that the Resolution Professional failed to provide the Resolution Plan to the Applicant along with the notice. The applicant argues that the Corporate Debtor has not developed any technical know-how relating to
…Company Petition (IB)…
The Tribunal admitted the Company Petition…