The case involves a Company Petition (IB)-2240(ND)/2019 filed by M/s Hi-Tech Resource Management Limited against M/s Overnite Express Limited, the Corporate Debtor, under Section 7 of the IBC, 2016. The petition was admitted on 02.03.2020, initiating the Corporate Insolvency Resolution Process (CIRP). Deutsche Bank A.G., a secured financial creditor, filed IA No. 3846 of 2023 objecting to the Resolution Plan submitted by the Resolution Professional (RP), Mr. Devendra Umrao, in IA-1175/ND/2022. The objection was based on the grounds that the Corporate Debtor fraudulently obtained an MSME certificate post-CIRP commencement to take advantage of Section 240A of the IBC, and that the amount offered in the Resolution Plan was meager compared to the security held by the bank.
M/s Hi-Tech Resource Management Limited filed a Company Petition (IB)-2240(ND)/2019 against M/s Overnite Express Limited, the Corporate Debtor, under Section 7 of the IBC, 2016. The petition was admitted on 02.03.2020, initiating CIRP. Deutsche Bank A.G., a secured financial creditor, objected to the Resolution Plan submitted by the RP, Mr. Devendra Umrao. The total admitted claims of the Secured Financial Creditors were Rs.10,82,08,485/-, with an offer of Rs.3,24,62,545/-, approximately 30% of the admitted claims. Deutsche Bank's claim was Rs.6,00,26,716.30/-, also offered a mere 30%. The Corporate Debtor claimed to fall under the MSME category, based on a certificate obtained on 12.11.2021, after the CIRP commencement on 02.03.2020. The RP relied on a judgment of the
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The case involves a Company Petition (IB)-2240(ND)/2019 filed by M/s Hi-Tech Resource Management Limited against M/s Overnite Express Limited, the Corporate Debtor, under Section 7 of the IBC, 2016. The petition was admitted on 02.03.2020, initiating the Corporate Insolvency Resolution Process (CIRP). Deutsche Bank A.G., a secured financial creditor, filed IA No. 3846 of 2023 objecting to the Resolution Plan submitted by the Resolution Professional (RP), Mr. Devendra Umrao, in IA-1175/ND/2022. The objection was based on the grounds that the Corporate Debtor fraudulently obtained an MSME certificate post-CIRP commencement to take advantage of Section 240A of the IBC, and that the amount offered in the Resolution Plan was meager compared to the security held by the bank.
M/s Hi-Tech Resource Management Limited filed a Company Petition (IB)-2240(ND)/2019 against M/s Overnite Express Limited, the Corporate Debtor, under Section 7 of the IBC, 2016. The petition was admitted on 02.03.2020, initiating CIRP. Deutsche Bank A.G., a secured financial creditor, objected to the Resolution Plan submitted by the RP, Mr. Devendra Umrao. The total admitted claims of the Secured Financial Creditors were Rs.10,82,08,485/-, with an offer of Rs.3,24,62,545/-, approximately 30% of the admitted claims. Deutsche Bank's claim was Rs.6,00,26,716.30/-, also offered a mere 30%. The Corporate Debtor claimed to fall under the MSME category, based on a certificate obtained on 12.11.2021, after the CIRP commencement on 02.03.2020. The RP relied on a judgment of the
…Order passed by the…
Public Announ…