The case involves an application (IA (IBC)/373/2024) filed by the suspended director of Manjeera Retail Holdings Private Limited (MRHPL) seeking consolidation of the Corporate Insolvency Resolution Process (CIRP) of MRHPL with that of its holding company, Manjeera Constructions Limited (MCL). Both companies were admitted into CIRP on 2023-07-18. The application was filed more than 180 days after the CIRP commenced. The Resolution Professional (RP) and the Committees of Creditors (CoCs) for both Corporate Debtors opposed the consolidation. The applicant argued that both companies have common assets and liabilities and meet the criteria for consolidation as laid down in judicial precedents.
The suspended director of Manjeera Retail Holdings Private Limited (MRHPL) filed an application seeking consolidation of the CIRP of MRHPL with its holding company, Manjeera Constructions Limited (MCL). Both companies were admitted into CIRP on 2023-07-18. The application was filed more than 180 days after the CIRP commenced. Both Corporate Debtors received 46 Expressions of Interest (EoIs) each, with 4 Prospective Resolution Applicants submitting resolution plans for MCL and 8 for MRHPL. The CoC for MRHPL consists of 2 members, while the CoC for MCL has 7 members. The RP and the CoCs for both Corporate Debtors opposed the consolidation, arguing that it was an attempt to delay the resolution process. The applicant argued that both companies have common assets and
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Both Manjeera Retail Holdings Private Limited…
The suspended director of MRHPL filed an…
The case involves an application (IA (IBC)/373/2024) filed by the suspended director of Manjeera Retail Holdings Private Limited (MRHPL) seeking consolidation of the Corporate Insolvency Resolution Process (CIRP) of MRHPL with that of its holding company, Manjeera Constructions Limited (MCL). Both companies were admitted into CIRP on 2023-07-18. The application was filed more than 180 days after the CIRP commenced. The Resolution Professional (RP) and the Committees of Creditors (CoCs) for both Corporate Debtors opposed the consolidation. The applicant argued that both companies have common assets and liabilities and meet the criteria for consolidation as laid down in judicial precedents.
The suspended director of Manjeera Retail Holdings Private Limited (MRHPL) filed an application seeking consolidation of the CIRP of MRHPL with its holding company, Manjeera Constructions Limited (MCL). Both companies were admitted into CIRP on 2023-07-18. The application was filed more than 180 days after the CIRP commenced. Both Corporate Debtors received 46 Expressions of Interest (EoIs) each, with 4 Prospective Resolution Applicants submitting resolution plans for MCL and 8 for MRHPL. The CoC for MRHPL consists of 2 members, while the CoC for MCL has 7 members. The RP and the CoCs for both Corporate Debtors opposed the consolidation, arguing that it was an attempt to delay the resolution process. The applicant argued that both companies have common assets and
…Both Manjeera Retail Holdings Private Limited…
The suspended director of MRHPL filed an…