The case involves an application (I.A. No. 86 of 2025) filed by Mr. Ravi Sethia, the Resolution Professional of Indo Global Soft Solutions and Technologies Private Limited, seeking approval of the resolution plan submitted by Ashdan Properties Private Limited, which was approved by 100% of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated by Yes Bank Limited under Section 7 of the IBC.
The CIRP was initiated against Indo Global Soft Solutions and Technologies Private Limited based on an application by Yes Bank Limited.
Mr. Shailen Shah was initially appointed as the Interim Resolution Professional (IRP).
The CoC was duly constituted on 11.05.2022.
Ashdan Properties Private Limited's resolution plan was approved by the CoC with 80% voting share initially, and later with 100% voting share after reconsideration.
Union Bank of India (UBI) filed IA No. 2288 of 2023 seeking rejection of ICICI Bank Limited's claim and reclassification of J.C. Flowers Asset Reconstruction Limited (JCF ARC) as an unsecured creditor.
JCF ARC filed Company Appeal (AT)(Insolvency) Nos. 2160 & 2161 of 2024 before the NCLAT and obtained a stay on voting on the resolution plan.
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The Tribunal initiated the Corporate…
Mr. Shailen Shah, the Interim Resolution…
The case involves an application (I.A. No. 86 of 2025) filed by Mr. Ravi Sethia, the Resolution Professional of Indo Global Soft Solutions and Technologies Private Limited, seeking approval of the resolution plan submitted by Ashdan Properties Private Limited, which was approved by 100% of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated by Yes Bank Limited under Section 7 of the IBC.
The CIRP was initiated against Indo Global Soft Solutions and Technologies Private Limited based on an application by Yes Bank Limited.
Mr. Shailen Shah was initially appointed as the Interim Resolution Professional (IRP).
The CoC was duly constituted on 11.05.2022.
Ashdan Properties Private Limited's resolution plan was approved by the CoC with 80% voting share initially, and later with 100% voting share after reconsideration.
Union Bank of India (UBI) filed IA No. 2288 of 2023 seeking rejection of ICICI Bank Limited's claim and reclassification of J.C. Flowers Asset Reconstruction Limited (JCF ARC) as an unsecured creditor.
JCF ARC filed Company Appeal (AT)(Insolvency) Nos. 2160 & 2161 of 2024 before the NCLAT and obtained a stay on voting on the resolution plan.
…The Tribunal initiated the Corporate…
Mr. Shailen Shah, the Interim Resolution…