The case involves an appeal against the National Company Law Appellate Tribunal's (NCLAT) decision, which upheld the National Company Law Tribunal's (NCLT) order to re-evaluate the assets of ACIL Limited, a corporate debtor undergoing the Corporate Insolvency Resolution Process (CIRP). The appellant, Ramkrishna Forgings Limited, had submitted a resolution plan that was approved by the Committee of Creditors (CoC). The NCLT, however, directed the Official Liquidator (OL) to re-evaluate ACIL's assets, leading to the appeal. The core issue revolves around the extent of the NCLT's jurisdiction to interfere with the CoC's commercial wisdom in approving a resolution plan.
ACIL Limited, a manufacturer of precision engineering and automobile components, underwent CIRP initiated by IDBI Bank Ltd. Ravindra Loonkar was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP). The total claim filed was approximately Rupees one thousand eight hundred and thirty crores, with an admitted claim of Rupees one thousand seven hundred and eighty-two crores. Ramkrishna Forgings Limited, the appellant, submitted a resolution plan on 11.04.2019, offering Rupees seventy-four crores to stakeholders. This plan underwent several revisions, with the final plan submitted on 05.08.2019, increasing the total payout to Rupees one hundred twenty-nine and a half crores. The final plan was approved by the CoC on
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NCLT appoint…
Appellant submi…
The case involves an appeal against the National Company Law Appellate Tribunal's (NCLAT) decision, which upheld the National Company Law Tribunal's (NCLT) order to re-evaluate the assets of ACIL Limited, a corporate debtor undergoing the Corporate Insolvency Resolution Process (CIRP). The appellant, Ramkrishna Forgings Limited, had submitted a resolution plan that was approved by the Committee of Creditors (CoC). The NCLT, however, directed the Official Liquidator (OL) to re-evaluate ACIL's assets, leading to the appeal. The core issue revolves around the extent of the NCLT's jurisdiction to interfere with the CoC's commercial wisdom in approving a resolution plan.
ACIL Limited, a manufacturer of precision engineering and automobile components, underwent CIRP initiated by IDBI Bank Ltd. Ravindra Loonkar was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP). The total claim filed was approximately Rupees one thousand eight hundred and thirty crores, with an admitted claim of Rupees one thousand seven hundred and eighty-two crores. Ramkrishna Forgings Limited, the appellant, submitted a resolution plan on 11.04.2019, offering Rupees seventy-four crores to stakeholders. This plan underwent several revisions, with the final plan submitted on 05.08.2019, increasing the total payout to Rupees one hundred twenty-nine and a half crores. The final plan was approved by the CoC on
…NCLT appoint…
Appellant submi…