Plum Salons Pvt. Ltd. filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an inquiry into the eligibility of SPSS Infrastructure Pvt. Ltd. (Respondent No. 3) as a Resolution Applicant, alleging that it did not meet the minimum net worth criteria and engaged in fraudulent transactions to inflate its share capital.
The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor commenced pursuant to an order dated 03.06.2021.
Plum Salons Pvt. Ltd. submitted a resolution plan which was rejected by the Committee of Creditors (CoC).
The Applicant alleges that SPSS Infrastructure Pvt. Ltd. (Respondent No. 3) did not meet the minimum financial eligibility criteria to participate in the CIRP.
The Applicant claims that SPSS Infrastructure Pvt. Ltd. inflated its share capital through circular banking transactions.
The CoC approved the resolution plan of SPSS Infrastructure Pvt. Ltd. with 100% voting share.
The Applicant raised objections regarding the eligibility of SPSS Infrastructure Pvt. Ltd. after the resolution plan was approved by the CoC.
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Corporate Insolvency Resolution Process of the…
The appointment of the Resolution…
Plum Salons Pvt. Ltd. filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking an inquiry into the eligibility of SPSS Infrastructure Pvt. Ltd. (Respondent No. 3) as a Resolution Applicant, alleging that it did not meet the minimum net worth criteria and engaged in fraudulent transactions to inflate its share capital.
The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor commenced pursuant to an order dated 03.06.2021.
Plum Salons Pvt. Ltd. submitted a resolution plan which was rejected by the Committee of Creditors (CoC).
The Applicant alleges that SPSS Infrastructure Pvt. Ltd. (Respondent No. 3) did not meet the minimum financial eligibility criteria to participate in the CIRP.
The Applicant claims that SPSS Infrastructure Pvt. Ltd. inflated its share capital through circular banking transactions.
The CoC approved the resolution plan of SPSS Infrastructure Pvt. Ltd. with 100% voting share.
The Applicant raised objections regarding the eligibility of SPSS Infrastructure Pvt. Ltd. after the resolution plan was approved by the CoC.
Corporate Insolvency Resolution Process of the…
The appointment of the Resolution…