The resolution applicant, Rahul Jain, appealed against the NCLAT's decision modifying a resolution plan approved by the NCLT. The CIRP was initiated against Rave Scans Private Limited. Hero Fincorp Ltd., a financial creditor, challenged the resolution plan, alleging discrimination because it was offered a lower percentage of its admitted claim compared to other financial creditors. The NCLAT sided with Hero, leading Rahul Jain to appeal to the Supreme Court.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Rave Scans Private Limited. Rahul Jain, the resolution applicant, submitted a resolution plan that was initially approved by the NCLT on October 17, 2018. The liquidation value of the Corporate Debtor was ascertained as ₹36 crores, and the appellant offered ₹54 crores to revive the Corporate Debtor. Hero Fincorp Ltd., a financial creditor, challenged the resolution plan before the NCLAT, alleging discrimination because it was offered 32.34% of its admitted claim, while other financial creditors were offered 45%. The NCLAT modified the NCLT's order, leading to the appeal before the Supreme Court. The resolution applicant had noticed that Regulation 38 was amended on 5th October, 2018, but
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CIRP was initiated…
The NCLT approved the…
The resolution applicant, Rahul Jain, appealed against the NCLAT's decision modifying a resolution plan approved by the NCLT. The CIRP was initiated against Rave Scans Private Limited. Hero Fincorp Ltd., a financial creditor, challenged the resolution plan, alleging discrimination because it was offered a lower percentage of its admitted claim compared to other financial creditors. The NCLAT sided with Hero, leading Rahul Jain to appeal to the Supreme Court.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Rave Scans Private Limited. Rahul Jain, the resolution applicant, submitted a resolution plan that was initially approved by the NCLT on October 17, 2018. The liquidation value of the Corporate Debtor was ascertained as ₹36 crores, and the appellant offered ₹54 crores to revive the Corporate Debtor. Hero Fincorp Ltd., a financial creditor, challenged the resolution plan before the NCLAT, alleging discrimination because it was offered 32.34% of its admitted claim, while other financial creditors were offered 45%. The NCLAT modified the NCLT's order, leading to the appeal before the Supreme Court. The resolution applicant had noticed that Regulation 38 was amended on 5th October, 2018, but
…CIRP was initiated…
The NCLT approved the…