The case involves two Interlocutory Applications (IAs). IA 266/2023 was filed by Majestic Auto Limited, the Successful Resolution Applicant (SRA), seeking exclusion of a period from 2021-12-13 until the order date from the 18-month implementation period of the Resolution Plan, due to a stay granted by the Supreme Court. They also sought an extension of the implementation period until 30 days after the final disposal of the matter pending before the Supreme Court and to restrain Respondent No. 1 (Monitoring Committee) and Respondent No. 2 (Axis Bank Limited) from invoking the Performance Bank Guarantee. IA 1290/2023 was filed by Axis Bank Limited, the sole member of the Committee of Creditors, seeking liquidation of the Corporate Debtor, Sharan Hospitality Private
…Majestic Auto Limited, the Successful Resolution Applicant (SRA), sought exclusion of time from the Resolution Plan's implementation period due to a stay order by the Supreme Court related to ongoing litigation by Daiichi Sankyo Co. Ltd. Axis Bank Limited, the sole member of the Committee of Creditors, filed an application seeking liquidation of Sharan Hospitality Private Limited, the Corporate Debtor, citing non-implementation of the Resolution Plan due to the same litigation. The Resolution Plan, approved on 2021-04-15, stipulated an 18-month implementation period. Clause 5 of the Basic Assumptions of the Resolution Plan made its implementation conditional on the vacation of the restraint/stay order of the Delhi High Court. The Supreme Court had stayed the Delhi High
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Sharan Hospitality Private Limited admitted…
Resolution Plan…
The case involves two Interlocutory Applications (IAs). IA 266/2023 was filed by Majestic Auto Limited, the Successful Resolution Applicant (SRA), seeking exclusion of a period from 2021-12-13 until the order date from the 18-month implementation period of the Resolution Plan, due to a stay granted by the Supreme Court. They also sought an extension of the implementation period until 30 days after the final disposal of the matter pending before the Supreme Court and to restrain Respondent No. 1 (Monitoring Committee) and Respondent No. 2 (Axis Bank Limited) from invoking the Performance Bank Guarantee. IA 1290/2023 was filed by Axis Bank Limited, the sole member of the Committee of Creditors, seeking liquidation of the Corporate Debtor, Sharan Hospitality Private
…Majestic Auto Limited, the Successful Resolution Applicant (SRA), sought exclusion of time from the Resolution Plan's implementation period due to a stay order by the Supreme Court related to ongoing litigation by Daiichi Sankyo Co. Ltd. Axis Bank Limited, the sole member of the Committee of Creditors, filed an application seeking liquidation of Sharan Hospitality Private Limited, the Corporate Debtor, citing non-implementation of the Resolution Plan due to the same litigation. The Resolution Plan, approved on 2021-04-15, stipulated an 18-month implementation period. Clause 5 of the Basic Assumptions of the Resolution Plan made its implementation conditional on the vacation of the restraint/stay order of the Delhi High Court. The Supreme Court had stayed the Delhi High
…Sharan Hospitality Private Limited admitted…
Resolution Plan…