This case involves an application by Union Bank of India, a member of the Committee of Creditors (CoC) and the sole secured financial creditor of Safeco Hygiene Films Private Limited, under Sections 33(4), 34, 74(3), and 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to revoke a resolution plan that was previously approved on July 31, 2023. The Corporate Debtor, Safeco Hygiene Films Pvt. Ltd., was admitted into the Corporate Insolvency Resolution Process (CIRP) on August 1, 2022. The CoC initially consisted of Ayodhya Orchard LLP and Union Bank of India, later reconstituted to include Mercedes-Benz Financial Ltd. The resolution plan was approved with 100% majority by the CoC.
Union Bank of India, as the sole secured financial creditor of Safeco Hygiene Films Private Limited, filed an application to revoke the resolution plan approved on July 31, 2023. The Corporate Debtor was admitted into CIRP on August 1, 2022. The CoC initially comprised Ayodhya Orchard LLP and Union Bank of India, later including Mercedes-Benz Financial Ltd. The resolution plan was approved with 100% majority. The successful Resolution Applicant was to infuse Rs. 38,12,19,175 plus IRP costs. The applicant, Union Bank of India, then sought to withdraw their application, stating they had received the proposed amount from the Resolution Applicant. The Tribunal noted that within 50 days of the resolution plan's approval, the applicant moved an application for liquidation
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The Corporate Debtor, Safeco Hygiene Films…
The Resolution Plan was approved in the…
This case involves an application by Union Bank of India, a member of the Committee of Creditors (CoC) and the sole secured financial creditor of Safeco Hygiene Films Private Limited, under Sections 33(4), 34, 74(3), and 60(5) of the Insolvency & Bankruptcy Code, 2016, seeking to revoke a resolution plan that was previously approved on July 31, 2023. The Corporate Debtor, Safeco Hygiene Films Pvt. Ltd., was admitted into the Corporate Insolvency Resolution Process (CIRP) on August 1, 2022. The CoC initially consisted of Ayodhya Orchard LLP and Union Bank of India, later reconstituted to include Mercedes-Benz Financial Ltd. The resolution plan was approved with 100% majority by the CoC.
Union Bank of India, as the sole secured financial creditor of Safeco Hygiene Films Private Limited, filed an application to revoke the resolution plan approved on July 31, 2023. The Corporate Debtor was admitted into CIRP on August 1, 2022. The CoC initially comprised Ayodhya Orchard LLP and Union Bank of India, later including Mercedes-Benz Financial Ltd. The resolution plan was approved with 100% majority. The successful Resolution Applicant was to infuse Rs. 38,12,19,175 plus IRP costs. The applicant, Union Bank of India, then sought to withdraw their application, stating they had received the proposed amount from the Resolution Applicant. The Tribunal noted that within 50 days of the resolution plan's approval, the applicant moved an application for liquidation
…The Corporate Debtor, Safeco Hygiene Films…
The Resolution Plan was approved in the…