This case involves an application by dissenting financial creditors (IDBI Bank Limited, Bank of Baroda, Indian Bank, Bank of India, and Punjab National Bank) against the successful resolution applicant (SRA), Mr. Anjanee Kumar Lakhotia, and the Monitoring Committee of MBL Infrastructures Limited. The dissenting creditors are seeking priority in payments as per Clause 21 of the approved resolution plan and Regulation 38 of IBBI (CIRP Regulations, 2016). The resolution plan, approved on 18.04.2018 and upheld by NCLAT and the Supreme Court, provides for repayment in 39 installments commencing in September 2024 and ending in December 2034. The applicants claim they are receiving meager payments on par with assenting financial creditors, which violates the resolution plan
…MBL Infrastructures Limited was admitted into Corporate Insolvency Resolution Process (CIRP). IDBI Bank Limited, Bank of Baroda, Indian Bank, Bank of India and Punjab National Bank are dissenting financial creditors (DFCs) with voting shares of 6.56%, 4.01%, 6.10%, 3.20%, and 1.98% respectively. The resolution plan was approved on 21.12.2017 with 78.5% votes and later approved by the NCLT on 18.04.2018. The resolution plan was upheld by NCLAT and the Supreme Court. The plan provides for repayment in 39 installments commencing in September 2024 and ending in December 2034. The dissenting financial creditors claim they are receiving payments on par with assenting financial creditors, which is against Regulation 38 of IBBI (CIRP Regulations, 2016) and Clause 21 of the
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Resolution plan submitted by the respondents…
Tribunal approved resolution plan upon an…
This case involves an application by dissenting financial creditors (IDBI Bank Limited, Bank of Baroda, Indian Bank, Bank of India, and Punjab National Bank) against the successful resolution applicant (SRA), Mr. Anjanee Kumar Lakhotia, and the Monitoring Committee of MBL Infrastructures Limited. The dissenting creditors are seeking priority in payments as per Clause 21 of the approved resolution plan and Regulation 38 of IBBI (CIRP Regulations, 2016). The resolution plan, approved on 18.04.2018 and upheld by NCLAT and the Supreme Court, provides for repayment in 39 installments commencing in September 2024 and ending in December 2034. The applicants claim they are receiving meager payments on par with assenting financial creditors, which violates the resolution plan
…MBL Infrastructures Limited was admitted into Corporate Insolvency Resolution Process (CIRP). IDBI Bank Limited, Bank of Baroda, Indian Bank, Bank of India and Punjab National Bank are dissenting financial creditors (DFCs) with voting shares of 6.56%, 4.01%, 6.10%, 3.20%, and 1.98% respectively. The resolution plan was approved on 21.12.2017 with 78.5% votes and later approved by the NCLT on 18.04.2018. The resolution plan was upheld by NCLAT and the Supreme Court. The plan provides for repayment in 39 installments commencing in September 2024 and ending in December 2034. The dissenting financial creditors claim they are receiving payments on par with assenting financial creditors, which is against Regulation 38 of IBBI (CIRP Regulations, 2016) and Clause 21 of the
…Resolution plan submitted by the respondents…
Tribunal approved resolution plan upon an…