Union Bank of India, a financial creditor with a 64% voting share in the Committee of Creditors (CoC) of the Corporate Debtor, filed an Interlocutory Application seeking clarification on the Resolution Plan. The bank sought clarification on the timeframe for the Resolution Applicant to infuse Rs. 4 Crores and the tenure of the Monitoring Committee, which was initially set for 30 days and the bank wanted it extended to 1277 days. The Resolution Applicant provided the necessary clarifications, stating that the Rs. 4 Crores would be infused and spent as required in the first year on the resort at Lonavala and Alibaug properties, as approved under the Resolution Plan. The Resolution Applicant also clarified that the Plan envisages adequate means for supervising and
…Union Bank of India, a financial creditor with a 64% voting share in the Committee of Creditors (CoC) of Phadnis Resorts and Spa India Ltd. (Corporate Debtor), filed IA No. 1236/2021 and IA No. 1767/2021 seeking clarification on the Resolution Plan. The bank sought clarification on the timeframe for the Resolution Applicant to infuse Rs. 4 Crores and the tenure of the Monitoring Committee, which was initially set for 30 days and the bank wanted it extended to 1277 days. The Resolution Applicant clarified that the Rs. 4 Crores would be infused and spent as required in the first year on the resort at Lonavala and Alibaug properties, as approved under the Resolution Plan. The Resolution Applicant also clarified that the Plan envisages adequate means for supervising and
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Corporate Ins…
IA 3969 of 2019 filed…
Union Bank of India, a financial creditor with a 64% voting share in the Committee of Creditors (CoC) of the Corporate Debtor, filed an Interlocutory Application seeking clarification on the Resolution Plan. The bank sought clarification on the timeframe for the Resolution Applicant to infuse Rs. 4 Crores and the tenure of the Monitoring Committee, which was initially set for 30 days and the bank wanted it extended to 1277 days. The Resolution Applicant provided the necessary clarifications, stating that the Rs. 4 Crores would be infused and spent as required in the first year on the resort at Lonavala and Alibaug properties, as approved under the Resolution Plan. The Resolution Applicant also clarified that the Plan envisages adequate means for supervising and
…Union Bank of India, a financial creditor with a 64% voting share in the Committee of Creditors (CoC) of Phadnis Resorts and Spa India Ltd. (Corporate Debtor), filed IA No. 1236/2021 and IA No. 1767/2021 seeking clarification on the Resolution Plan. The bank sought clarification on the timeframe for the Resolution Applicant to infuse Rs. 4 Crores and the tenure of the Monitoring Committee, which was initially set for 30 days and the bank wanted it extended to 1277 days. The Resolution Applicant clarified that the Rs. 4 Crores would be infused and spent as required in the first year on the resort at Lonavala and Alibaug properties, as approved under the Resolution Plan. The Resolution Applicant also clarified that the Plan envisages adequate means for supervising and
…Corporate Ins…
IA 3969 of 2019 filed…