The case involves an application (IA-3168/2023) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by UTI Employees Sai Samruddhi Co-operative Housing Society, challenging the Resolution Professional's application for approval of a Resolution Plan. The plan was approved by 80.86% of the Committee of Creditors (CoC) of the Debtor Company, Ornate Spaces Private Limited. The applicant also sought rejection of the Resolution Plan approved by CoC, continuation of CIRP proceedings, recall of a previous order, and a consequential liquidation order.
UTI Employees Sai Samruddhi Co-operative Housing Society filed an application IA-3168/2023 challenging the Resolution Professional's application for approval of the Resolution Plan for Ornate Spaces Private Limited. The Resolution Plan was approved by 80.86% of the Committee of Creditors (CoC). The applicant sought rejection of the Resolution Plan, continuation of CIRP proceedings, recall of a previous order (IA-2421/2021), and a consequential liquidation order under Section 33 of the IBC. The applicant contended that the CoC had become functus officio. The court had previously extended the CIRP period until 12.10.2021 in IA-2421/2021. The order in IA-2421/2021 was challenged before NCLAT. The court had also passed an order in IA-2576/2023 concluding that the CoC's
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IA-3168/2023 filed…
Application dealt with the limited aspect of…
The case involves an application (IA-3168/2023) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, by UTI Employees Sai Samruddhi Co-operative Housing Society, challenging the Resolution Professional's application for approval of a Resolution Plan. The plan was approved by 80.86% of the Committee of Creditors (CoC) of the Debtor Company, Ornate Spaces Private Limited. The applicant also sought rejection of the Resolution Plan approved by CoC, continuation of CIRP proceedings, recall of a previous order, and a consequential liquidation order.
UTI Employees Sai Samruddhi Co-operative Housing Society filed an application IA-3168/2023 challenging the Resolution Professional's application for approval of the Resolution Plan for Ornate Spaces Private Limited. The Resolution Plan was approved by 80.86% of the Committee of Creditors (CoC). The applicant sought rejection of the Resolution Plan, continuation of CIRP proceedings, recall of a previous order (IA-2421/2021), and a consequential liquidation order under Section 33 of the IBC. The applicant contended that the CoC had become functus officio. The court had previously extended the CIRP period until 12.10.2021 in IA-2421/2021. The order in IA-2421/2021 was challenged before NCLAT. The court had also passed an order in IA-2576/2023 concluding that the CoC's
…IA-3168/2023 filed…
Application dealt with the limited aspect of…