Sanjay Dave, a promoter/director of M/s. Oracle Home Textiles Limited (Corporate Debtor), submitted a resolution plan during its Corporate Insolvency Resolution Process (CIRP). The plan was approved by the Committee of Creditors (CoC). However, Dave raised objections to the Letters of Intent (LoIs) issued by the Resolution Professional (RP), claiming they were conditional due to pending litigation by other prospective resolution applicants (PRAs) and a clause on employee litigation risk. He also contested the reduction of the performance guarantee submission period and the subsequent forfeiture of his Earnest Money Deposit (EMD) by the RP. The CIRP period ended without a confirmed plan, leading the CoC to vote for liquidation of the Corporate Debtor. The Adjudicating
…The Corporate Insolvency Resolution Process (CIRP) out of which the present appeals arise, concerns the Corporate-Debtor by the name M/s. Oracle Home Textiles Limited.
The CIRP was admitted on 9th August, 2018, and the Resolution Professional (RP) came to be appointed.
On 6th February, 2019, a Request For Resolution Plan (RFRP) was issued by the RP.
The appellant, Sanjay Dave, who was the Promotor/Director of M/s. Oracle Home Textiles Limited (an MSME entity), submitted a Resolution Plan with the permission of the National Company Law Tribunal (NCLT).
On 10th May, 2021, the appellant was informed that his Resolution Plan had been approved by the Committee of Creditors (CoC) with a voting majority of 99.90%.
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Corporate Insolvency Resolution Process (CIRP)…
A Request For…
Sanjay Dave, a promoter/director of M/s. Oracle Home Textiles Limited (Corporate Debtor), submitted a resolution plan during its Corporate Insolvency Resolution Process (CIRP). The plan was approved by the Committee of Creditors (CoC). However, Dave raised objections to the Letters of Intent (LoIs) issued by the Resolution Professional (RP), claiming they were conditional due to pending litigation by other prospective resolution applicants (PRAs) and a clause on employee litigation risk. He also contested the reduction of the performance guarantee submission period and the subsequent forfeiture of his Earnest Money Deposit (EMD) by the RP. The CIRP period ended without a confirmed plan, leading the CoC to vote for liquidation of the Corporate Debtor. The Adjudicating
…The Corporate Insolvency Resolution Process (CIRP) out of which the present appeals arise, concerns the Corporate-Debtor by the name M/s. Oracle Home Textiles Limited.
The CIRP was admitted on 9th August, 2018, and the Resolution Professional (RP) came to be appointed.
On 6th February, 2019, a Request For Resolution Plan (RFRP) was issued by the RP.
The appellant, Sanjay Dave, who was the Promotor/Director of M/s. Oracle Home Textiles Limited (an MSME entity), submitted a Resolution Plan with the permission of the National Company Law Tribunal (NCLT).
On 10th May, 2021, the appellant was informed that his Resolution Plan had been approved by the Committee of Creditors (CoC) with a voting majority of 99.90%.
…Corporate Insolvency Resolution Process (CIRP)…
A Request For…