The case involves an Interlocutory Application (IA) filed by an applicant objecting to the Resolution Plan Application. Another IA was filed by Sahyadri Industries Ltd, seeking permission to submit a Resolution Plan and pay the EMD, directing the CoC to consider the plan, and condoning delays in submitting EOI and the plan.
An Interlocutory Application was filed objecting to the Resolution Plan Application.
Sahyadri Industries Ltd. filed an IA seeking permission to submit a Resolution Plan, directing the CoC to consider it, and condoning delays.
The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on 27.10.2023.
The applicant did not participate in the bidding process initiated through Form 'G'.
The issue before the Bench was whether the applicant could submit a Resolution Plan for value maximization.
The Tribunal referred to Regulation 39(1-B) and Regulation 36-B(7) of IBBI (CIRP) Regulations, 2016.
The Tribunal cited the NCLAT's decision in Jindal Power Limited vs. Dhiren Shantilal Shah.
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The Corporate Insolvency Resolution Process…
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The case involves an Interlocutory Application (IA) filed by an applicant objecting to the Resolution Plan Application. Another IA was filed by Sahyadri Industries Ltd, seeking permission to submit a Resolution Plan and pay the EMD, directing the CoC to consider the plan, and condoning delays in submitting EOI and the plan.
An Interlocutory Application was filed objecting to the Resolution Plan Application.
Sahyadri Industries Ltd. filed an IA seeking permission to submit a Resolution Plan, directing the CoC to consider it, and condoning delays.
The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor commenced on 27.10.2023.
The applicant did not participate in the bidding process initiated through Form 'G'.
The issue before the Bench was whether the applicant could submit a Resolution Plan for value maximization.
The Tribunal referred to Regulation 39(1-B) and Regulation 36-B(7) of IBBI (CIRP) Regulations, 2016.
The Tribunal cited the NCLAT's decision in Jindal Power Limited vs. Dhiren Shantilal Shah.
…The Corporate Insolvency Resolution Process…
Order sheet…