Mars Art Studio filed MA 718/2020 in the Corporate Insolvency Resolution Process (CIRP) of Shirdi Industries Limited, seeking a declaration that the order dated December 12, 2017, approving the Resolution Plan, is not binding on them. The applicant had previously filed a petition before the Micro and Small Enterprises Facilitation Council for recovery of Rs. 2,87,500. An award was passed in favor of the applicant, and they sought execution of the award. The corporate debtor argued that the applicant's claim should be dealt with according to the approved resolution plan.
Mars Art Studio, the applicant, filed MA 718/2020 in the CIRP of Shirdi Industries Limited, the corporate debtor. The applicant sought a declaration that the order approving the resolution plan is not binding on them. The applicant had previously filed a petition before the Micro and Small Enterprises Facilitation Council for recovery of Rs. 2,87,500. An award was passed in favor of the applicant on 03rd March 2018. The corporate debtor filed an affidavit denying the claim and counter-claimed for Rs. 50,00,000. The applicant took out an execution application. The Corporate Debtor communicated that the dues of operational creditors as on 18/05/2017 shall be paid @ 15% and this amount shall be payable in 8 installments commencing from June 2022 till March 2024. The
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The Applicant filed Petition bearing No.33 of…
Corporate D…
Mars Art Studio filed MA 718/2020 in the Corporate Insolvency Resolution Process (CIRP) of Shirdi Industries Limited, seeking a declaration that the order dated December 12, 2017, approving the Resolution Plan, is not binding on them. The applicant had previously filed a petition before the Micro and Small Enterprises Facilitation Council for recovery of Rs. 2,87,500. An award was passed in favor of the applicant, and they sought execution of the award. The corporate debtor argued that the applicant's claim should be dealt with according to the approved resolution plan.
Mars Art Studio, the applicant, filed MA 718/2020 in the CIRP of Shirdi Industries Limited, the corporate debtor. The applicant sought a declaration that the order approving the resolution plan is not binding on them. The applicant had previously filed a petition before the Micro and Small Enterprises Facilitation Council for recovery of Rs. 2,87,500. An award was passed in favor of the applicant on 03rd March 2018. The corporate debtor filed an affidavit denying the claim and counter-claimed for Rs. 50,00,000. The applicant took out an execution application. The Corporate Debtor communicated that the dues of operational creditors as on 18/05/2017 shall be paid @ 15% and this amount shall be payable in 8 installments commencing from June 2022 till March 2024. The
…The Applicant filed Petition bearing No.33 of…
Corporate D…