Ashdan Properties Private Limited filed an application (IA No. 1898/2024) in the Corporate Insolvency Resolution Process (CIRP) of Rolta India Limited, seeking directives against the Resolution Professional (RP) and the Committee of Creditors (CoC). The applicant, being the H1 bidder, challenged the CoC's decision to invite enhanced financial offers from all Prospective Resolution Applicants (PRAs) after the closure of the negotiation process. The CIRP was initiated on 19.01.2023, and the RP was appointed on 17.02.2023. The applicant's contention is that the CoC's action violates the terms of the Process Note and the Request for Resolution Plan (RFRP).
The Corporate Insolvency Resolution Process (CIRP) of Rolta India Limited was initiated on 19.01.2023. Ashdan Properties Private Limited emerged as the H1 bidder with the highest Net Present Value (NPV) of Rs. 7,57,88,00,000/-. Negotiations took place between Ashdan Properties and the Committee of Creditors (CoC). The CoC invited enhanced financial offers from all Prospective Resolution Applicants (PRAs) after the negotiation process with Ashdan Properties was seemingly concluded on 18.04.2024. Ashdan Properties objected to this invitation, arguing it violated the Process Note and Request for Resolution Plan (RFRP). Despite the objection, Ashdan Properties submitted an enhanced financial offer of Rs. 852 crores. The CoC's decision was influenced by an unsolicited offer
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Corporate Insolvency Resolution Process (CIRP)…
Respondent No. 1…
Ashdan Properties Private Limited filed an application (IA No. 1898/2024) in the Corporate Insolvency Resolution Process (CIRP) of Rolta India Limited, seeking directives against the Resolution Professional (RP) and the Committee of Creditors (CoC). The applicant, being the H1 bidder, challenged the CoC's decision to invite enhanced financial offers from all Prospective Resolution Applicants (PRAs) after the closure of the negotiation process. The CIRP was initiated on 19.01.2023, and the RP was appointed on 17.02.2023. The applicant's contention is that the CoC's action violates the terms of the Process Note and the Request for Resolution Plan (RFRP).
The Corporate Insolvency Resolution Process (CIRP) of Rolta India Limited was initiated on 19.01.2023. Ashdan Properties Private Limited emerged as the H1 bidder with the highest Net Present Value (NPV) of Rs. 7,57,88,00,000/-. Negotiations took place between Ashdan Properties and the Committee of Creditors (CoC). The CoC invited enhanced financial offers from all Prospective Resolution Applicants (PRAs) after the negotiation process with Ashdan Properties was seemingly concluded on 18.04.2024. Ashdan Properties objected to this invitation, arguing it violated the Process Note and Request for Resolution Plan (RFRP). Despite the objection, Ashdan Properties submitted an enhanced financial offer of Rs. 852 crores. The CoC's decision was influenced by an unsolicited offer
…Corporate Insolvency Resolution Process (CIRP)…
Respondent No. 1…