The case involves an Interlocutory Application (I.A No. 2687 of 2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Nirmal Lifestyle Realty Private Limited (CP (IB) 315 (MB) of 2019). The applicant, Chandrakant Shah (Suspended Director), sought to set aside the ongoing CIRP, reject a resolution plan submitted by Oberoi Constructions Limited, direct the Respondent (Resolution Professional) to issue a fresh Form & notice, and stay the CIRP pending the application's disposal. The applicant alleged material irregularities in the CIRP conduct, including preventing other bidders and imposing arbitrary preconditions.
Chandrakant Shah, the suspended director of Nirmal Lifestyle Realty Private Limited, filed an Interlocutory Application (IA No. 2687 of 2022) seeking to set aside the ongoing Corporate Insolvency Resolution Process (CIRP) against the company. The CIRP was initiated following a Company Petition (CP (IB) 315 (MB) of 2019). Shah alleged material irregularities in the CIRP conduct, including preventing other bidders from participating and imposing arbitrary preconditions. He also challenged the resolution plan submitted by Oberoi Constructions Limited. The Resolution Professional (RP), Jayesh Sanghrajke, refuted these allegations, asserting that all procedures were followed according to the Insolvency and Bankruptcy Code (IBC) and that Shah was kept informed throughout the
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Company Petitio…
Order dated 06.12.2021 in Company Petition…
The case involves an Interlocutory Application (I.A No. 2687 of 2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Nirmal Lifestyle Realty Private Limited (CP (IB) 315 (MB) of 2019). The applicant, Chandrakant Shah (Suspended Director), sought to set aside the ongoing CIRP, reject a resolution plan submitted by Oberoi Constructions Limited, direct the Respondent (Resolution Professional) to issue a fresh Form & notice, and stay the CIRP pending the application's disposal. The applicant alleged material irregularities in the CIRP conduct, including preventing other bidders and imposing arbitrary preconditions.
Chandrakant Shah, the suspended director of Nirmal Lifestyle Realty Private Limited, filed an Interlocutory Application (IA No. 2687 of 2022) seeking to set aside the ongoing Corporate Insolvency Resolution Process (CIRP) against the company. The CIRP was initiated following a Company Petition (CP (IB) 315 (MB) of 2019). Shah alleged material irregularities in the CIRP conduct, including preventing other bidders from participating and imposing arbitrary preconditions. He also challenged the resolution plan submitted by Oberoi Constructions Limited. The Resolution Professional (RP), Jayesh Sanghrajke, refuted these allegations, asserting that all procedures were followed according to the Insolvency and Bankruptcy Code (IBC) and that Shah was kept informed throughout the
…Company Petitio…
Order dated 06.12.2021 in Company Petition…