The National Company Law Tribunal (NCLT), Mumbai Bench, is hearing several Interlocutory Applications (IAs) related to the Corporate Insolvency Resolution Process (CIRP) of Reliance Communication Infrastructure LTD. These IAs include IA 1943/2020, IA 2159/2021, IA 2429/2021, and IA 127/2022. The applications involve various parties, including the State Bank of India, Bank of Baroda, Resolution Professionals, and financial creditors. The core issue revolves around the approval and implementation of a Resolution Plan submitted by Reliance Projects & Property Management Services Limited.
The State Bank of India initiated CIRP against Reliance Communication Infrastructure LTD. Several Interlocutory Applications (IAs) are being heard by the NCLT, Mumbai Bench, including IA 1943/2020, IA 2159/2021, IA 2429/2021, and IA 127/2022. Bank of Baroda, an Assenting Financial Creditor, has filed an Interlocutory Application related to the Resolution Plan dated 17.07.2020, submitted by Reliance Projects & Property Management Services Limited. The Resolution Professional has also filed an application for approval of the Resolution Plan. A key point of contention is the manner of distribution amongst the Financial Creditors, as stipulated in clause No. 1.2.13 of the Resolution Plan. The NCLT has directed the erstwhile Resolution Professional to convene a meeting
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Interlocu…
Interlocu…
The National Company Law Tribunal (NCLT), Mumbai Bench, is hearing several Interlocutory Applications (IAs) related to the Corporate Insolvency Resolution Process (CIRP) of Reliance Communication Infrastructure LTD. These IAs include IA 1943/2020, IA 2159/2021, IA 2429/2021, and IA 127/2022. The applications involve various parties, including the State Bank of India, Bank of Baroda, Resolution Professionals, and financial creditors. The core issue revolves around the approval and implementation of a Resolution Plan submitted by Reliance Projects & Property Management Services Limited.
The State Bank of India initiated CIRP against Reliance Communication Infrastructure LTD. Several Interlocutory Applications (IAs) are being heard by the NCLT, Mumbai Bench, including IA 1943/2020, IA 2159/2021, IA 2429/2021, and IA 127/2022. Bank of Baroda, an Assenting Financial Creditor, has filed an Interlocutory Application related to the Resolution Plan dated 17.07.2020, submitted by Reliance Projects & Property Management Services Limited. The Resolution Professional has also filed an application for approval of the Resolution Plan. A key point of contention is the manner of distribution amongst the Financial Creditors, as stipulated in clause No. 1.2.13 of the Resolution Plan. The NCLT has directed the erstwhile Resolution Professional to convene a meeting
…Interlocu…
Interlocu…