The Applicants, Nova Castle Apartment Owner's Association and Sanctuary Apartment Owner's Association, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the reconstitution of the Committee of Creditors (CoC) by the Resolution Professional (RP). They argued that the RP unilaterally reconstituted the CoC by excluding associations of homebuyers after the approval of project-wise resolution plans, which they claim is illegal and violates the principles of natural justice.
Nova Castle Apartment Owner's Association and Sanctuary Apartment Owner's Association filed an application challenging the reconstitution of the Committee of Creditors (CoC).
The Resolution Professional (RP) unilaterally reconstituted the CoC by excluding associations of homebuyers after the approval of project-wise resolution plans.
Applicants argued that the RP's action was illegal, violating the principles of natural justice and the Insolvency and Bankruptcy Code, 2016.
The Respondents argued that the RP reconstituted the CoC in accordance with the law, following the approval of project-wise resolution plans.
The Applicants were present when the CoC decided on its reconstitution but did not raise objections during the meeting.
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Corporate Debtor…
Initially, an EOI for a…
The Applicants, Nova Castle Apartment Owner's Association and Sanctuary Apartment Owner's Association, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the reconstitution of the Committee of Creditors (CoC) by the Resolution Professional (RP). They argued that the RP unilaterally reconstituted the CoC by excluding associations of homebuyers after the approval of project-wise resolution plans, which they claim is illegal and violates the principles of natural justice.
Nova Castle Apartment Owner's Association and Sanctuary Apartment Owner's Association filed an application challenging the reconstitution of the Committee of Creditors (CoC).
The Resolution Professional (RP) unilaterally reconstituted the CoC by excluding associations of homebuyers after the approval of project-wise resolution plans.
Applicants argued that the RP's action was illegal, violating the principles of natural justice and the Insolvency and Bankruptcy Code, 2016.
The Respondents argued that the RP reconstituted the CoC in accordance with the law, following the approval of project-wise resolution plans.
The Applicants were present when the CoC decided on its reconstitution but did not raise objections during the meeting.
…Corporate Debtor…
Initially, an EOI for a…