Nakshatra Asset Ventures Limited filed an application seeking a refund of the Earnest Money Deposit (EMD) of Rs. 25,00,000/- deposited with Respondent No. 1, the Resolution Professional of Zicom Electronic Security Systems Limited, during the Corporate Insolvency Resolution Process (CIRP). The applicant submitted a resolution plan which was later declared non-responsive by the Committee of Creditors (CoC), leading to the forfeiture of the EMD. The applicant contested the forfeiture, arguing that their plan was unconditional and that the respondents unjustifiably sought additional information to create grounds for forfeiture.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Zicom Electronic Security Systems Limited. Nakshatra Asset Ventures Limited submitted an Expression of Interest (EOI) and later a resolution plan, depositing an Earnest Money Deposit (EMD) of Rs. 25,00,000/-. The Resolution Professional (Respondent No. 1) requested additional information regarding the composition and ownership structure of the applicant, as well as authorization from banks. The applicant claimed that providing bank authorization was not applicable as they were using their own funds. The applicant's resolution plan was declared non-responsive by the Committee of Creditors (CoC) on 18.08.2023, leading to the forfeiture of the EMD. The applicant argued that the forfeiture was
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Corporate Insolvency Resolution Process was…
The Applicant submitted Expression of…
Nakshatra Asset Ventures Limited filed an application seeking a refund of the Earnest Money Deposit (EMD) of Rs. 25,00,000/- deposited with Respondent No. 1, the Resolution Professional of Zicom Electronic Security Systems Limited, during the Corporate Insolvency Resolution Process (CIRP). The applicant submitted a resolution plan which was later declared non-responsive by the Committee of Creditors (CoC), leading to the forfeiture of the EMD. The applicant contested the forfeiture, arguing that their plan was unconditional and that the respondents unjustifiably sought additional information to create grounds for forfeiture.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Zicom Electronic Security Systems Limited. Nakshatra Asset Ventures Limited submitted an Expression of Interest (EOI) and later a resolution plan, depositing an Earnest Money Deposit (EMD) of Rs. 25,00,000/-. The Resolution Professional (Respondent No. 1) requested additional information regarding the composition and ownership structure of the applicant, as well as authorization from banks. The applicant claimed that providing bank authorization was not applicable as they were using their own funds. The applicant's resolution plan was declared non-responsive by the Committee of Creditors (CoC) on 18.08.2023, leading to the forfeiture of the EMD. The applicant argued that the forfeiture was
…Corporate Insolvency Resolution Process was…
The Applicant submitted Expression of…