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/suspended director being ineligible under Section 29-A of the IBC, the resolution plan proposed by him was being tabled for discussion by the Resolution Professional. The applicants, being home buyers and financial creditors, had invested their life savings in the project promoted by the Corporate Debtor. They sought a declaration from the Adjudicating Authority that Mr.
…The Corporate Debtor, Sidhartha Buildhome Private Limited, underwent Corporate Insolvency Resolution Process (CIRP). The application was filed by Home Buyers and Financial Creditors. The promoter of the Corporate Debtor, Mr. Siddharth Chauhan, submitted a Resolution Plan. The applicants contended that Mr. Chauhan was ineligible to present a Resolution Plan under Section 29A of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor's account was declared a Non-Performing Asset (NPA) by the Financial Creditor during Mr. Chauhan's management. The Corporate Debtor allegedly undertook preferential, undervalued, and fraudulent transactions. A Transaction Audit Report dated 02.08.2021 highlighted these transactions. The Resolution Professional (RP) permitted Mr.
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Transaction Audit Report dated 02.08.2021…
The Corporate Debtor obtained an MSME…
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/suspended director being ineligible under Section 29-A of the IBC, the resolution plan proposed by him was being tabled for discussion by the Resolution Professional. The applicants, being home buyers and financial creditors, had invested their life savings in the project promoted by the Corporate Debtor. They sought a declaration from the Adjudicating Authority that Mr.
…The Corporate Debtor, Sidhartha Buildhome Private Limited, underwent Corporate Insolvency Resolution Process (CIRP). The application was filed by Home Buyers and Financial Creditors. The promoter of the Corporate Debtor, Mr. Siddharth Chauhan, submitted a Resolution Plan. The applicants contended that Mr. Chauhan was ineligible to present a Resolution Plan under Section 29A of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor's account was declared a Non-Performing Asset (NPA) by the Financial Creditor during Mr. Chauhan's management. The Corporate Debtor allegedly undertook preferential, undervalued, and fraudulent transactions. A Transaction Audit Report dated 02.08.2021 highlighted these transactions. The Resolution Professional (RP) permitted Mr.
…Transaction Audit Report dated 02.08.2021…
The Corporate Debtor obtained an MSME…