The application was filed by Home Buyers and Financial Creditors of the Corporate Debtor under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016, seeking a declaration that Mr. Siddharth Chauhan, being a promoter of the Corporate Debtor, is ineligible to present the Resolution Plan and to prevent voting on the Resolution Plan presented by him. The applicants argued that despite the promoter being ineligible under section 29-A of the IBC, the resolution plan proposed by him was being tabled for discussion. The applicants, who are home buyers and financial creditors, invested their life savings in the project promoted by the Corporate Debtor. They sought a declaration that Mr. Sidharth Chauhan is ineligible due to the Corporate Debtor's account being declared
…Harbans Singh & Ors filed an application against Shri Devender Singh & Anr, and Sidhartha Build Home Private Limited. The applicants, Home Buyers and Financial Creditors, sought a declaration that Mr. Siddharth Chauhan, the promoter of Sidhartha Build Home Private Limited, is ineligible to present a Resolution Plan under Section 29A of the Insolvency and Bankruptcy Code (IBC). The applicants argued that the Corporate Debtor's account was declared a Non-Performing Asset (NPA) by the Financial Creditor, Oriental Bank of Commerce (now Punjab National Bank), during the period when Mr. Chauhan was in management. They also alleged preferential, undervalued, and fraudulent transactions by the Corporate Debtor, as reported in the Transaction Audit Report dated
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Application f…
The application was filed by Home Buyers and Financial Creditors of the Corporate Debtor under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016, seeking a declaration that Mr. Siddharth Chauhan, being a promoter of the Corporate Debtor, is ineligible to present the Resolution Plan and to prevent voting on the Resolution Plan presented by him. The applicants argued that despite the promoter being ineligible under section 29-A of the IBC, the resolution plan proposed by him was being tabled for discussion. The applicants, who are home buyers and financial creditors, invested their life savings in the project promoted by the Corporate Debtor. They sought a declaration that Mr. Sidharth Chauhan is ineligible due to the Corporate Debtor's account being declared
…Harbans Singh & Ors filed an application against Shri Devender Singh & Anr, and Sidhartha Build Home Private Limited. The applicants, Home Buyers and Financial Creditors, sought a declaration that Mr. Siddharth Chauhan, the promoter of Sidhartha Build Home Private Limited, is ineligible to present a Resolution Plan under Section 29A of the Insolvency and Bankruptcy Code (IBC). The applicants argued that the Corporate Debtor's account was declared a Non-Performing Asset (NPA) by the Financial Creditor, Oriental Bank of Commerce (now Punjab National Bank), during the period when Mr. Chauhan was in management. They also alleged preferential, undervalued, and fraudulent transactions by the Corporate Debtor, as reported in the Transaction Audit Report dated
…CIRP with regar…
Application f…