The case involves an Interlocutory Application (IA No. 843/2020) filed by M/s Marathe Hospitality objecting to the approval of the Resolution Plan in CP(IB)No. 3603/MB/C-II/2018. The applicant contended that the Resolution Professional (RP) had improperly included assets belonging to them in the information memorandum, affecting the valuation. The applicant and the Corporate Debtor had previously entered into a lease agreement on 18.05.2016 for a property in Lonavala. The RP challenged this agreement, leading to IA No. 3031 of 2020, alleging it was preferential, fraudulent, and intended to defraud the Corporate Debtor and its creditors.
M/s Marathe Hospitality filed an Interlocutory Application (IA No. 843/2020) objecting to the approval of the Resolution Plan, claiming the Resolution Professional (RP) included their assets in the information memorandum. M/s Marathe Hospitality and Phadnis Resorts and Spa India Ltd. (Corporate Debtor) had a lease agreement dated 18.05.2016 for a property in Lonavala. The RP challenged this agreement via IA No. 3031 of 2020, alleging it was preferential and fraudulent. IA 3031 of 2019 was allowed on 20.03.2020, declaring the lease agreement null and void because the rent was meager and M/s Marathe Hospitality was a related party. M/s Marathe Hospitality challenged this order in NCLAT but did not obtain a stay. The RP requested details of assets from M/s Marathe
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Applicant and Corporate…
Applicant filed a claim…
The case involves an Interlocutory Application (IA No. 843/2020) filed by M/s Marathe Hospitality objecting to the approval of the Resolution Plan in CP(IB)No. 3603/MB/C-II/2018. The applicant contended that the Resolution Professional (RP) had improperly included assets belonging to them in the information memorandum, affecting the valuation. The applicant and the Corporate Debtor had previously entered into a lease agreement on 18.05.2016 for a property in Lonavala. The RP challenged this agreement, leading to IA No. 3031 of 2020, alleging it was preferential, fraudulent, and intended to defraud the Corporate Debtor and its creditors.
M/s Marathe Hospitality filed an Interlocutory Application (IA No. 843/2020) objecting to the approval of the Resolution Plan, claiming the Resolution Professional (RP) included their assets in the information memorandum. M/s Marathe Hospitality and Phadnis Resorts and Spa India Ltd. (Corporate Debtor) had a lease agreement dated 18.05.2016 for a property in Lonavala. The RP challenged this agreement via IA No. 3031 of 2020, alleging it was preferential and fraudulent. IA 3031 of 2019 was allowed on 20.03.2020, declaring the lease agreement null and void because the rent was meager and M/s Marathe Hospitality was a related party. M/s Marathe Hospitality challenged this order in NCLAT but did not obtain a stay. The RP requested details of assets from M/s Marathe
…Applicant and Corporate…
Applicant filed a claim…