The case involves an application filed by Asset Reconstruction Company (India) Limited, the Financial Creditor, against Viceroy Hotels Limited, the Corporate Debtor, under Section 60(5) of the I&B Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant sought a direction from the Tribunal to the Resolution Professional to immediately publish an invitation for expression of interest vide Form-G, as per the Insolvency and Bankruptcy Regulation, 2016, in compliance with the Tribunal's order dated 09.06.2023, which had rejected a previous resolution plan and directed the issuance of a fresh Form-G.
Asset Reconstruction Company (India) Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Viceroy Hotels Limited, the Corporate Debtor. The Tribunal initiated CIRP against the corporate debtor on 2018-03-12 and declared a moratorium. A resolution plan submitted by M/s Anirudh Agro Farms Limited was rejected by the Tribunal on 2023-06-09, directing the Resolution Professional (RP) to issue a fresh Form-G for inviting expression of interest. The applicant claimed that the RP had not issued Form-G, causing delays. The applicant expressed willingness to offer Rs.200,00,00,000/- to revive the corporate debtor. The RP contended that the Committee of Creditors (COC) had resolved to prefer an appeal against the Tribunal's order
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Tribunal initiated CIRP…
Tribunal rejected the resolution plan…
The case involves an application filed by Asset Reconstruction Company (India) Limited, the Financial Creditor, against Viceroy Hotels Limited, the Corporate Debtor, under Section 60(5) of the I&B Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant sought a direction from the Tribunal to the Resolution Professional to immediately publish an invitation for expression of interest vide Form-G, as per the Insolvency and Bankruptcy Regulation, 2016, in compliance with the Tribunal's order dated 09.06.2023, which had rejected a previous resolution plan and directed the issuance of a fresh Form-G.
Asset Reconstruction Company (India) Limited, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Viceroy Hotels Limited, the Corporate Debtor. The Tribunal initiated CIRP against the corporate debtor on 2018-03-12 and declared a moratorium. A resolution plan submitted by M/s Anirudh Agro Farms Limited was rejected by the Tribunal on 2023-06-09, directing the Resolution Professional (RP) to issue a fresh Form-G for inviting expression of interest. The applicant claimed that the RP had not issued Form-G, causing delays. The applicant expressed willingness to offer Rs.200,00,00,000/- to revive the corporate debtor. The RP contended that the Committee of Creditors (COC) had resolved to prefer an appeal against the Tribunal's order
…Tribunal initiated CIRP…
Tribunal rejected the resolution plan…