The case involves applications (CA No. 1501/2019 and CA No. 1500/2019) filed in Company Petition No. (IB)-456(ND)/2018, concerning the insolvency resolution of Universal Buildwell Private Limited. The corporate debtor (Universal Buildwell Pvt. Ltd.) was admitted into CIRP on 2018-07-03. The Resolution Professional (RP) filed IA-1550/2019 seeking approval of the resolution plan, which was initially approved by the Committee of Creditors (CoC) on 2019-11-11 with 70.44% voting in favor. The Adjudicating Authority (NCLT) remitted the Resolution Plan to the CoC on 2021-06-11 for modifications regarding payments to objectors like DHFL, Kotak Mahindra Bank Limited, and Kotak Mahindra Prime Limited. Kotak Mahindra Bank Limited and Kotak Mahindra Prime Limited filed a Company
…Banwari Lal Saraf, the applicant, claimed to be a financial creditor of Universal Buildwell Private Limited, the corporate debtor (CD), with a claim of Rs. 27,58,55,046. The Interim Resolution Professional (IRP)/Resolution Professional (RP), Mr. Atul Kumar Kansal, classified him as a financial creditor in a class, considering him a real estate allottee. Saraf argued that he advanced money to the CD against interest and should be treated as a financial creditor under Section 5(8)(a) of the Insolvency and Bankruptcy Code (IBC). He relied on a Loan Agreement, Builder Buyer Agreement, and other documents to support his claim. The RP contended that the amount paid by Saraf was towards the purchase of Unit No. 233 in Universal Trade Tower, a commercial complex developed by
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Universal Buildwell Pvt. Ltd. was admitted…
The CoC approved the…
The case involves applications (CA No. 1501/2019 and CA No. 1500/2019) filed in Company Petition No. (IB)-456(ND)/2018, concerning the insolvency resolution of Universal Buildwell Private Limited. The corporate debtor (Universal Buildwell Pvt. Ltd.) was admitted into CIRP on 2018-07-03. The Resolution Professional (RP) filed IA-1550/2019 seeking approval of the resolution plan, which was initially approved by the Committee of Creditors (CoC) on 2019-11-11 with 70.44% voting in favor. The Adjudicating Authority (NCLT) remitted the Resolution Plan to the CoC on 2021-06-11 for modifications regarding payments to objectors like DHFL, Kotak Mahindra Bank Limited, and Kotak Mahindra Prime Limited. Kotak Mahindra Bank Limited and Kotak Mahindra Prime Limited filed a Company
…Banwari Lal Saraf, the applicant, claimed to be a financial creditor of Universal Buildwell Private Limited, the corporate debtor (CD), with a claim of Rs. 27,58,55,046. The Interim Resolution Professional (IRP)/Resolution Professional (RP), Mr. Atul Kumar Kansal, classified him as a financial creditor in a class, considering him a real estate allottee. Saraf argued that he advanced money to the CD against interest and should be treated as a financial creditor under Section 5(8)(a) of the Insolvency and Bankruptcy Code (IBC). He relied on a Loan Agreement, Builder Buyer Agreement, and other documents to support his claim. The RP contended that the amount paid by Saraf was towards the purchase of Unit No. 233 in Universal Trade Tower, a commercial complex developed by
…Universal Buildwell Pvt. Ltd. was admitted…
The CoC approved the…