The case involves an appeal against an order dismissing an application related to a resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC). Shree Aashraya Infra-Con Limited entered CIRP, and the appellant was appointed as the Resolution Professional. The Resolution Professional presented a plan before the NCLT, Bengaluru, which was initially propounded by the promoters and approved by the Committee of Creditors (COC). However, the application was dismissed because the promoters were deemed ineligible to present the plan. This dismissal had significant implications for the appellant's role and eligibility as a Resolution Professional.
Shree Aashraya Infra-Con Limited underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The appellant was appointed as the Resolution Professional. A resolution plan was presented to the National Company Law Tribunal (NCLT), Bengaluru, initially proposed by the promoters and approved by the Committee of Creditors (COC). The NCLT dismissed the application based on the ineligibility of the promoters to present the plan, leading to consequences for the appellant's role. The appellant's case was referred to the Insolvency and Bankruptcy Board of India (IBBI) for further action, alleging errors in proposing a plan not in accordance with the law. The key legal question revolves around the disqualification of the resolution
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The National Company Law Tribunal (NCLT)…
The National Company…
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The case involves an appeal against an order dismissing an application related to a resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC). Shree Aashraya Infra-Con Limited entered CIRP, and the appellant was appointed as the Resolution Professional. The Resolution Professional presented a plan before the NCLT, Bengaluru, which was initially propounded by the promoters and approved by the Committee of Creditors (COC). However, the application was dismissed because the promoters were deemed ineligible to present the plan. This dismissal had significant implications for the appellant's role and eligibility as a Resolution Professional.
Shree Aashraya Infra-Con Limited underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. The appellant was appointed as the Resolution Professional. A resolution plan was presented to the National Company Law Tribunal (NCLT), Bengaluru, initially proposed by the promoters and approved by the Committee of Creditors (COC). The NCLT dismissed the application based on the ineligibility of the promoters to present the plan, leading to consequences for the appellant's role. The appellant's case was referred to the Insolvency and Bankruptcy Board of India (IBBI) for further action, alleging errors in proposing a plan not in accordance with the law. The key legal question revolves around the disqualification of the resolution
…The National Company Law Tribunal (NCLT)…
The National Company…
Sign in to view related legal provisions.