The case involves an application for approval of a resolution plan submitted by Shri Navneet Goenka for Goenka Diamond and Jewels Limited, which was approved by the Committee of Creditors (CoC) with 86.56% majority.
The Resolution Plan was approved by the CoC with 86.56% majority.
Union Bank of India, a dissenting financial creditor, raised objections to the Resolution Plan.
The objections primarily concerned the extinguishment of third-party security interests and guarantees.
The Resolution Professional submitted the Resolution Plan for approval under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor is Goenka Diamond and Jewels Limited.
The Adjudicating Authority found the Resolution Plan to be in violation of Section 32A of the Code.
The Adjudicating Authority found the Resolution Plan to be in contravention of Regulation 38 (3)(e) of the CIRP Regulations and the proviso to Section 31 of the Code.
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The Company Petition…
Mr. Sourabh Mal…
The case involves an application for approval of a resolution plan submitted by Shri Navneet Goenka for Goenka Diamond and Jewels Limited, which was approved by the Committee of Creditors (CoC) with 86.56% majority.
The Resolution Plan was approved by the CoC with 86.56% majority.
Union Bank of India, a dissenting financial creditor, raised objections to the Resolution Plan.
The objections primarily concerned the extinguishment of third-party security interests and guarantees.
The Resolution Professional submitted the Resolution Plan for approval under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor is Goenka Diamond and Jewels Limited.
The Adjudicating Authority found the Resolution Plan to be in violation of Section 32A of the Code.
The Adjudicating Authority found the Resolution Plan to be in contravention of Regulation 38 (3)(e) of the CIRP Regulations and the proviso to Section 31 of the Code.
…The Company Petition…
Mr. Sourabh Mal…