The appeals challenge the NCLAT's judgment dismissing appeals against NCLT orders. IDBI Bank initiated CIRP against M/s Siva Industries and Holdings Limited (Corporate Debtor) under Section 7 of IBC. The NCLT admitted the application on July 4, 2019. A resolution plan by M/s Royal Partners Investment Fund Limited received only 60.90% votes, failing to meet the 66% requirement. The RP filed an application for liquidation. The appellant, promoter of the Corporate Debtor, proposed a one-time settlement plan. The CoC initially rejected the plan but later approved it with over 90% voting share after IARCL approved it. The NCLT rejected the withdrawal of CIRP and initiated liquidation, deeming the settlement plan a 'Business Restructuring Plan' not covered under Section 12A
…IDBI Bank initiated Corporate Insolvency Resolution Process (CIRP) against M/s Siva Industries and Holdings Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The National Company Law Tribunal (NCLT) admitted the application on July 4, 2019, leading to the commencement of CIRP. A resolution plan submitted by M/s Royal Partners Investment Fund Limited failed to secure the required 66% votes from the Committee of Creditors (CoC), receiving only 60.90%. The Resolution Professional (RP) then filed an application for liquidation. The appellant, being the promoter of the Corporate Debtor, proposed a one-time settlement plan. The CoC initially rejected the settlement plan, but later approved it with a voting majority of 94.23% after
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The NCLT admitted IDBI Bank's application…
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The appeals challenge the NCLAT's judgment dismissing appeals against NCLT orders. IDBI Bank initiated CIRP against M/s Siva Industries and Holdings Limited (Corporate Debtor) under Section 7 of IBC. The NCLT admitted the application on July 4, 2019. A resolution plan by M/s Royal Partners Investment Fund Limited received only 60.90% votes, failing to meet the 66% requirement. The RP filed an application for liquidation. The appellant, promoter of the Corporate Debtor, proposed a one-time settlement plan. The CoC initially rejected the plan but later approved it with over 90% voting share after IARCL approved it. The NCLT rejected the withdrawal of CIRP and initiated liquidation, deeming the settlement plan a 'Business Restructuring Plan' not covered under Section 12A
…IDBI Bank initiated Corporate Insolvency Resolution Process (CIRP) against M/s Siva Industries and Holdings Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The National Company Law Tribunal (NCLT) admitted the application on July 4, 2019, leading to the commencement of CIRP. A resolution plan submitted by M/s Royal Partners Investment Fund Limited failed to secure the required 66% votes from the Committee of Creditors (CoC), receiving only 60.90%. The Resolution Professional (RP) then filed an application for liquidation. The appellant, being the promoter of the Corporate Debtor, proposed a one-time settlement plan. The CoC initially rejected the settlement plan, but later approved it with a voting majority of 94.23% after
…The NCLT admitted IDBI Bank's application…
The RP filed an application under Section…