The case involves cross-appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016, filed by successful resolution applicants Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd., the Committee of Creditors of Metalyst Forgings Limited, and Dinkar Venkatasubramanian, the Resolution Professional of Metalyst Forgings Limited. The National Company Law Appellate Tribunal (NCLAT) had passed an impugned judgment on 07.02.2020, upholding an order dated 27.09.2019 passed by the National Company Law Tribunal (NCLT), Mumbai Bench. The resolution applicants sought to withdraw their resolution plan, citing lack of information and fraud on the part of the resolution professional.
The corporate debtor in question is Metalyst Forgings Ltd. The successful resolution applicants, Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd., filed cross-appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016. The National Company Law Appellate Tribunal (NCLAT) passed an impugned judgment dated 07.02.2020, upholding an order dated 27.09.2019 passed by the National Company Law Tribunal (NCLT), Mumbai Bench. The resolution applicants sought to withdraw their resolution plan, claiming lack of information and fraud by the resolution professional. They alleged that 70% of the corporate debtor's revenue came from trading, not manufacturing, and that the Mott Macdonald Report dated 30.09.2016 was factually incorrect. They also claimed misleading
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The case involves cross-appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016, filed by successful resolution applicants Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd., the Committee of Creditors of Metalyst Forgings Limited, and Dinkar Venkatasubramanian, the Resolution Professional of Metalyst Forgings Limited. The National Company Law Appellate Tribunal (NCLAT) had passed an impugned judgment on 07.02.2020, upholding an order dated 27.09.2019 passed by the National Company Law Tribunal (NCLT), Mumbai Bench. The resolution applicants sought to withdraw their resolution plan, citing lack of information and fraud on the part of the resolution professional.
The corporate debtor in question is Metalyst Forgings Ltd. The successful resolution applicants, Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd., filed cross-appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016. The National Company Law Appellate Tribunal (NCLAT) passed an impugned judgment dated 07.02.2020, upholding an order dated 27.09.2019 passed by the National Company Law Tribunal (NCLT), Mumbai Bench. The resolution applicants sought to withdraw their resolution plan, claiming lack of information and fraud by the resolution professional. They alleged that 70% of the corporate debtor's revenue came from trading, not manufacturing, and that the Mott Macdonald Report dated 30.09.2016 was factually incorrect. They also claimed misleading
…The Mott Macdonald Report, which was later…
The National Company Law Tribunal (NCLT),…