The case involves appeals against the judgment and order passed by the National Company Law Appellate Tribunal (NCLAT) which had set aside the orders of the National Company Law Tribunal (NCLT) approving the resolution plan of Ngaitlang Dhar for Meghalaya Infratech Ltd. The NCLAT directed the Corporate Insolvency Resolution Process (CIRP) to be resumed from the stage of consideration of the Resolution Plans. The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Allahabad Bank against Meghalaya Infratech Ltd. Ngaitlang Dhar emerged as the H-1 bidder, but the NCLAT overturned the NCLT's approval of his resolution plan, leading to the present appeals before the Supreme Court.
Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Meghalaya Infratech Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). Amit Pareek was appointed as the Interim Resolution Professional (RP) and later confirmed as the RP. Expression of Interest (EOI) was invited, and Ngaitlang Dhar, Panna Pragati Infrastructure Private Limited (PPIPL), Abhishek Agarwal, and Ashish Jaisasaria submitted their Resolution Plans. In a CoC meeting on February 11-12, 2020, Ngaitlang Dhar emerged as the H-1 bidder. PPIPL sought time to revise its Resolution Plan but submitted it on February 14, 2020. The NCLT rejected PPIPL's application seeking direction to the RP to take its revised plan on record. The CoC approved Ngaitlang Dhar's Resolution Plan
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NCLT admitted the petition filed by…
Amit Pareek was…
The case involves appeals against the judgment and order passed by the National Company Law Appellate Tribunal (NCLAT) which had set aside the orders of the National Company Law Tribunal (NCLT) approving the resolution plan of Ngaitlang Dhar for Meghalaya Infratech Ltd. The NCLAT directed the Corporate Insolvency Resolution Process (CIRP) to be resumed from the stage of consideration of the Resolution Plans. The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Allahabad Bank against Meghalaya Infratech Ltd. Ngaitlang Dhar emerged as the H-1 bidder, but the NCLAT overturned the NCLT's approval of his resolution plan, leading to the present appeals before the Supreme Court.
Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Meghalaya Infratech Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). Amit Pareek was appointed as the Interim Resolution Professional (RP) and later confirmed as the RP. Expression of Interest (EOI) was invited, and Ngaitlang Dhar, Panna Pragati Infrastructure Private Limited (PPIPL), Abhishek Agarwal, and Ashish Jaisasaria submitted their Resolution Plans. In a CoC meeting on February 11-12, 2020, Ngaitlang Dhar emerged as the H-1 bidder. PPIPL sought time to revise its Resolution Plan but submitted it on February 14, 2020. The NCLT rejected PPIPL's application seeking direction to the RP to take its revised plan on record. The CoC approved Ngaitlang Dhar's Resolution Plan
…NCLT admitted the petition filed by…
Amit Pareek was…