Nakshatra Asset Ventures Limited filed an application seeking the 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, but the Committee of Creditors (CoC) declared it non-responsive and forfeited the EMD. The applicant argued that the forfeiture was unjustified and violated CIRP regulations.
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 subsequently a resolution plan, depositing an Earnest Money Deposit (EMD) of Rs. 25,00,000/-. The Resolution Professional (Respondent No. 1) pointed out deficiencies in the plan, and the applicant provided an addendum. However, the applicant failed to provide certain required documents and introduced a condition regarding vacant possession of the Corporate Debtor's assets. The Committee of Creditors (CoC) declared the applicant's plan non-responsive and forfeited the EMD. The applicant contested the forfeiture, arguing that the plan was unconditional and that the respondents
…Sign in to view the parties.
Corporate Insolvency Resolution Process was…
Applicant submitted Expression of Interest…
Nakshatra Asset Ventures Limited filed an application seeking the 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, but the Committee of Creditors (CoC) declared it non-responsive and forfeited the EMD. The applicant argued that the forfeiture was unjustified and violated CIRP regulations.
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 subsequently a resolution plan, depositing an Earnest Money Deposit (EMD) of Rs. 25,00,000/-. The Resolution Professional (Respondent No. 1) pointed out deficiencies in the plan, and the applicant provided an addendum. However, the applicant failed to provide certain required documents and introduced a condition regarding vacant possession of the Corporate Debtor's assets. The Committee of Creditors (CoC) declared the applicant's plan non-responsive and forfeited the EMD. The applicant contested the forfeiture, arguing that the plan was unconditional and that the respondents
…Corporate Insolvency Resolution Process was…
Applicant submitted Expression of Interest…