The application IA(IBC)/21/2023 was filed under Section 60 (5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016, by the Applicant/Successful Resolution Applicant (SRA). The SRA sought an order to set aside the attachment orders passed by Respondent No. 2 & 3 on the assets of the Corporate Debtor (CD). The Resolution Professional (RP) had previously filed an application IA(BC)/183/2022, seeking approval of the Resolution Plan, which was approved by the Bench on 01.09.2022. The RP/R1 constituted a Monitoring Committee. The lands belonging to the CD were attached by R2 & R3 before the commencement of the Corporate Insolvency Resolution Process (CIRP), preventing their sale or transfer.
The Corporate Debtor's lands were attached by R2 & R3 before the CIRP commenced, preventing their sale or transfer. R2 & R3 submitted claims in Form B during the CIRP, which were admitted by the RP/R1. R1 sent letters to R2 & R3 requesting the lifting of attachments. R1 compiled a statement showing the distribution of amounts based on the approved Resolution Plan. R2 and R3, after receiving money in full and final settlement, did not lift the attachment orders. R2 argued that the CD had sold immovable properties and that the Assistant Commissioner (ST), Rajam, had received a demand draft for 1% of the claimed amount. R3 contended that the resolution plan was unfair to workers and that their provident fund was not adequately addressed. The Resolution Plan
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The Bench approved the Resolution Plan of the…
Deputy Assistant Commissioner (ST), M.G. Road…
The application IA(IBC)/21/2023 was filed under Section 60 (5) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules, 2016, by the Applicant/Successful Resolution Applicant (SRA). The SRA sought an order to set aside the attachment orders passed by Respondent No. 2 & 3 on the assets of the Corporate Debtor (CD). The Resolution Professional (RP) had previously filed an application IA(BC)/183/2022, seeking approval of the Resolution Plan, which was approved by the Bench on 01.09.2022. The RP/R1 constituted a Monitoring Committee. The lands belonging to the CD were attached by R2 & R3 before the commencement of the Corporate Insolvency Resolution Process (CIRP), preventing their sale or transfer.
The Corporate Debtor's lands were attached by R2 & R3 before the CIRP commenced, preventing their sale or transfer. R2 & R3 submitted claims in Form B during the CIRP, which were admitted by the RP/R1. R1 sent letters to R2 & R3 requesting the lifting of attachments. R1 compiled a statement showing the distribution of amounts based on the approved Resolution Plan. R2 and R3, after receiving money in full and final settlement, did not lift the attachment orders. R2 argued that the CD had sold immovable properties and that the Assistant Commissioner (ST), Rajam, had received a demand draft for 1% of the claimed amount. R3 contended that the resolution plan was unfair to workers and that their provident fund was not adequately addressed. The Resolution Plan
…The Bench approved the Resolution Plan of the…
Deputy Assistant Commissioner (ST), M.G. Road…