This application was filed under Section 60 (5) of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s Swan LNG Private Limited, an Operational Creditor of Mantovani di Dharti Pvt Ltd (Corporate Debtor). The applicant sought declarations that Respondent Nos. 3, 4, and 5 are barred under Section 29A of the Code and are ineligible to submit any resolution plan. The applicant also challenged the actions of the Committee of Creditors (COC) in approving the resolution plan submitted by the consortium of Respondent Nos. 3, 4, and 5, deeming it illegal, arbitrary, unjust, and contrary to the provisions of the Insolvency and Bankruptcy Code, 2016. The applicant requested directions to Respondent No. 1 to provide copies of all Resolution Plans received from Prospective
…M/s Swan LNG Private Limited, an operational creditor of Mantovani di Dharti Pvt Ltd (the Corporate Debtor), filed an application seeking to disqualify a consortium of Respondents 3, 4, and 5 from submitting a resolution plan. The Corporate Debtor had failed to complete two EPC projects secured from Swan LNG. The CIRP was initiated against Mantovani di Dharti Pvt Ltd, and an Interim Resolution Professional was appointed. Swan LNG's claim was initially rejected by the Resolution Professional, but the Tribunal directed the Resolution Professional to provide notice of CoC meetings to Swan LNG. The Applicant argued that Respondents 3 and 4 are disqualified under Section 29A of the IBC because they are directors in Dharti Dredging and Infrastructure Limited, which failed to
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Tribunal ordered commencement of Corporate…
Respondent No.1 issued…
This application was filed under Section 60 (5) of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s Swan LNG Private Limited, an Operational Creditor of Mantovani di Dharti Pvt Ltd (Corporate Debtor). The applicant sought declarations that Respondent Nos. 3, 4, and 5 are barred under Section 29A of the Code and are ineligible to submit any resolution plan. The applicant also challenged the actions of the Committee of Creditors (COC) in approving the resolution plan submitted by the consortium of Respondent Nos. 3, 4, and 5, deeming it illegal, arbitrary, unjust, and contrary to the provisions of the Insolvency and Bankruptcy Code, 2016. The applicant requested directions to Respondent No. 1 to provide copies of all Resolution Plans received from Prospective
…M/s Swan LNG Private Limited, an operational creditor of Mantovani di Dharti Pvt Ltd (the Corporate Debtor), filed an application seeking to disqualify a consortium of Respondents 3, 4, and 5 from submitting a resolution plan. The Corporate Debtor had failed to complete two EPC projects secured from Swan LNG. The CIRP was initiated against Mantovani di Dharti Pvt Ltd, and an Interim Resolution Professional was appointed. Swan LNG's claim was initially rejected by the Resolution Professional, but the Tribunal directed the Resolution Professional to provide notice of CoC meetings to Swan LNG. The Applicant argued that Respondents 3 and 4 are disqualified under Section 29A of the IBC because they are directors in Dharti Dredging and Infrastructure Limited, which failed to
…Tribunal ordered commencement of Corporate…
Respondent No.1 issued…