The case involves appeals against a judgment by the National Company Law Appellate Tribunal (NCLAT) regarding the inclusion of AAA Landmark Private Limited ("AAA") and Spade Financial Services Private Limited ("Spade") in the Committee of Creditors (CoC) of AKME Projects Limited ("Corporate Debtor") during its Corporate Insolvency Resolution Process (CIRP). The NCLAT had dismissed the appeal filed by AAA and Spade, affirming their exclusion from the CoC as related parties but acknowledging them as financial creditors. Phoenix Arc Private Limited ("Phoenix") appealed, contesting the finding that AAA and Spade were financial creditors, while Spade and AAA also appealed their exclusion from the CoC.
The Corporate Insolvency Resolution Process (CIRP) was initiated against AKME Projects Limited on 2018-04-18. During the CIRP, Spade filed a claim as a financial creditor for Rs. 52,96,00,000, later revised to Rs. 109,11,00,000, based on a Memorandum of Understanding (MoU) dated 2011-08-12, alleging Inter Corporate Deposits (ICDs) with 24% interest. Spade claimed it granted ICDs of Rs. 66,00,00,000 between June 2009 and January 2013. AAA filed a claim as a financial creditor for Rs. 93,90,00,000, later revised to Rs. 109,72,00,000, based on a Development Agreement dated 2012-03-01. The IRP rejected both claims. NCLT initially allowed their inclusion in the CoC, but later excluded them, finding their transactions collusive. NCLAT affirmed the exclusion but acknowledged
…Sign in to view the parties.
Corporate Insolvency…
Spade filed its claim…
The case involves appeals against a judgment by the National Company Law Appellate Tribunal (NCLAT) regarding the inclusion of AAA Landmark Private Limited ("AAA") and Spade Financial Services Private Limited ("Spade") in the Committee of Creditors (CoC) of AKME Projects Limited ("Corporate Debtor") during its Corporate Insolvency Resolution Process (CIRP). The NCLAT had dismissed the appeal filed by AAA and Spade, affirming their exclusion from the CoC as related parties but acknowledging them as financial creditors. Phoenix Arc Private Limited ("Phoenix") appealed, contesting the finding that AAA and Spade were financial creditors, while Spade and AAA also appealed their exclusion from the CoC.
The Corporate Insolvency Resolution Process (CIRP) was initiated against AKME Projects Limited on 2018-04-18. During the CIRP, Spade filed a claim as a financial creditor for Rs. 52,96,00,000, later revised to Rs. 109,11,00,000, based on a Memorandum of Understanding (MoU) dated 2011-08-12, alleging Inter Corporate Deposits (ICDs) with 24% interest. Spade claimed it granted ICDs of Rs. 66,00,00,000 between June 2009 and January 2013. AAA filed a claim as a financial creditor for Rs. 93,90,00,000, later revised to Rs. 109,72,00,000, based on a Development Agreement dated 2012-03-01. The IRP rejected both claims. NCLT initially allowed their inclusion in the CoC, but later excluded them, finding their transactions collusive. NCLAT affirmed the exclusion but acknowledged
…Corporate Insolvency…
Spade filed its claim…