Union Bank of India, a financial creditor of Lavasa Corporation Limited (the Corporate Debtor), filed an Interlocutory Application (IA No. 4340/2023) seeking the recall of an order dated 2023-07-21. The prior order had approved a Resolution Plan with 96.41% approval from the Committee of Creditors (CoC). The applicant also requested a fresh valuation of the Corporate Debtor's assets and a restraint on the respondents from acting on the approved Resolution Plan.
Union Bank of India, a financial creditor, filed an Interlocutory Application seeking to recall a prior order approving a Resolution Plan for Lavasa Corporation Limited. The Resolution Plan had been approved by 96.41% of the Committee of Creditors (CoC), including the applicant. The applicant argued that it was facing a significant haircut (80%) on its investment and that the valuation reports used to approve the plan were outdated. The applicant requested a fresh valuation of the Corporate Debtor's assets and a restraint on the respondents from acting on the approved Resolution Plan. The court noted that the applicant was part of the CoC and had voted in favor of the plan. An appeal was already pending with the NCLAT against the order sought to be recalled. The
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Tribunal passed an order in I.A. No.1007 of…
The NCLT summarily…
Union Bank of India, a financial creditor of Lavasa Corporation Limited (the Corporate Debtor), filed an Interlocutory Application (IA No. 4340/2023) seeking the recall of an order dated 2023-07-21. The prior order had approved a Resolution Plan with 96.41% approval from the Committee of Creditors (CoC). The applicant also requested a fresh valuation of the Corporate Debtor's assets and a restraint on the respondents from acting on the approved Resolution Plan.
Union Bank of India, a financial creditor, filed an Interlocutory Application seeking to recall a prior order approving a Resolution Plan for Lavasa Corporation Limited. The Resolution Plan had been approved by 96.41% of the Committee of Creditors (CoC), including the applicant. The applicant argued that it was facing a significant haircut (80%) on its investment and that the valuation reports used to approve the plan were outdated. The applicant requested a fresh valuation of the Corporate Debtor's assets and a restraint on the respondents from acting on the approved Resolution Plan. The court noted that the applicant was part of the CoC and had voted in favor of the plan. An appeal was already pending with the NCLAT against the order sought to be recalled. The
…Tribunal passed an order in I.A. No.1007 of…
The NCLT summarily…