The case involves an Interlocutory Application filed by AJR Infra and Tolling Limited against the Committee of Creditors (CoC) and the Resolution Professional (RP) of Rajahmundry Godavari Bridge Limited. AJR Infra sought orders directing the CoC to consider its settlement proposal under Section 12A of the Insolvency and Bankruptcy Code (IBC) and to stay consideration of other resolution plans until its proposal was considered. The applicant had submitted multiple settlement proposals, which were rejected by the CoC. The CoC found the proposals conditional and lacking confidence in the applicant's ability to honor commitments. The CoC also noted that the applicant's proposals were submitted at a belated stage, close to the end of the Corporate Insolvency Resolution
…AJR Infra and Tolling Limited (Applicant) filed an Interlocutory Application seeking to compel the Committee of Creditors (CoC) of Rajahmundry Godavari Bridge Limited (Corporate Debtor) to consider its settlement proposal under Section 12A of the Insolvency and Bankruptcy Code (IBC). The Applicant submitted a revised proposal on 24.02.2022, offering to pay INR 435 Crores and depositing INR 10 Crores as bonafide. The Applicant's initial settlement proposal was dated 10.01.2022. The CoC rejected the Applicant's proposals in multiple meetings, including Joint Lenders Meetings (JLMs). The CoC cited concerns about the conditionality of the proposals, lack of clarity on funding sources, and the Applicant's failure to deposit INR 50 Crores in a non-lien account as directed.
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The case involves an Interlocutory Application filed by AJR Infra and Tolling Limited against the Committee of Creditors (CoC) and the Resolution Professional (RP) of Rajahmundry Godavari Bridge Limited. AJR Infra sought orders directing the CoC to consider its settlement proposal under Section 12A of the Insolvency and Bankruptcy Code (IBC) and to stay consideration of other resolution plans until its proposal was considered. The applicant had submitted multiple settlement proposals, which were rejected by the CoC. The CoC found the proposals conditional and lacking confidence in the applicant's ability to honor commitments. The CoC also noted that the applicant's proposals were submitted at a belated stage, close to the end of the Corporate Insolvency Resolution
…AJR Infra and Tolling Limited (Applicant) filed an Interlocutory Application seeking to compel the Committee of Creditors (CoC) of Rajahmundry Godavari Bridge Limited (Corporate Debtor) to consider its settlement proposal under Section 12A of the Insolvency and Bankruptcy Code (IBC). The Applicant submitted a revised proposal on 24.02.2022, offering to pay INR 435 Crores and depositing INR 10 Crores as bonafide. The Applicant's initial settlement proposal was dated 10.01.2022. The CoC rejected the Applicant's proposals in multiple meetings, including Joint Lenders Meetings (JLMs). The CoC cited concerns about the conditionality of the proposals, lack of clarity on funding sources, and the Applicant's failure to deposit INR 50 Crores in a non-lien account as directed.
…The Company P…
The CIRP ord…