The case involves an application (M.A. 718/2020) filed by Mars Art Studio in the Corporate Insolvency Resolution Process (CIRP) of Shirdi Industries Limited, seeking a declaration that the order dated December 12, 2017, which approved the Resolution Plan, is not binding on the applicant. The applicant claims entitlement to 15% of the claim amount. The applicant had previously filed a petition before the Micro and Small Enterprises Facilitation Council for recovery of Rs.2,87,500/-. The Corporate Debtor denied the claim and filed a counter-claim for Rs.50,00,000/-. An arbitrator passed an award against the Corporate Debtor, directing them to pay Rs.2,87,500/- with interest. The Corporate Debtor then took out an Interim Application before the High Court for setting aside
…Mars Art Studio filed MA 718/2020 in the CIRP of Shirdi Industries Limited, seeking a declaration that the order dated 12th December 2017 approving the resolution plan is not binding on them, claiming entitlement to 15% of the claim amount. Mars Art Studio had earlier filed a petition on 4th March 2016 before the Micro and Small Enterprises Facilitation Council for recovery of Rs.2,87,500/-. Shirdi Industries Limited filed an affidavit denying the claim and counter-claimed for Rs.50,00,000/-. On 3rd March 2018, an arbitrator awarded Rs.2,87,500/- with interest to Mars Art Studio. Shirdi Industries Limited sent a letter on 21st May 2018, enclosing a letter dated 2nd May 2018, to Mars Art Studio. Mars Art Studio requested a copy of the order dated 12th December 2017.
…Sign in to view the parties.
Applicant filed Petition bearing No.33 of 2016…
Corporate D…
The case involves an application (M.A. 718/2020) filed by Mars Art Studio in the Corporate Insolvency Resolution Process (CIRP) of Shirdi Industries Limited, seeking a declaration that the order dated December 12, 2017, which approved the Resolution Plan, is not binding on the applicant. The applicant claims entitlement to 15% of the claim amount. The applicant had previously filed a petition before the Micro and Small Enterprises Facilitation Council for recovery of Rs.2,87,500/-. The Corporate Debtor denied the claim and filed a counter-claim for Rs.50,00,000/-. An arbitrator passed an award against the Corporate Debtor, directing them to pay Rs.2,87,500/- with interest. The Corporate Debtor then took out an Interim Application before the High Court for setting aside
…Mars Art Studio filed MA 718/2020 in the CIRP of Shirdi Industries Limited, seeking a declaration that the order dated 12th December 2017 approving the resolution plan is not binding on them, claiming entitlement to 15% of the claim amount. Mars Art Studio had earlier filed a petition on 4th March 2016 before the Micro and Small Enterprises Facilitation Council for recovery of Rs.2,87,500/-. Shirdi Industries Limited filed an affidavit denying the claim and counter-claimed for Rs.50,00,000/-. On 3rd March 2018, an arbitrator awarded Rs.2,87,500/- with interest to Mars Art Studio. Shirdi Industries Limited sent a letter on 21st May 2018, enclosing a letter dated 2nd May 2018, to Mars Art Studio. Mars Art Studio requested a copy of the order dated 12th December 2017.
…Applicant filed Petition bearing No.33 of 2016…
Corporate D…