Resolution Applicant Whose Name Was Not Included In 'Prospective Resolution Applicants' List Cannot Be Substituted At Later Stage: NCLAT, Delhi
8 months ago

Resolution Applicant Whose Name Was Not Included In 'Prospective Resolution Applicants' List Cannot Be Substituted At Later Stage: NCLAT, Delhi

Live Law  

The National Company Law Appellate Tribunal, Delhi bench of Justice Ashok Bhushan and Mr Barun Mitra held that a resolution applicant, who did not take part in the CIRP process from the beginning and was not included in the list of prospective resolution applicants, cannot be suddenly substituted as a resolution applicant to implement the plan of the Corporate Debtor. Meanwhile, the NCLT directed the Resolution Professional to file the Request for Resolution Plan and highlight provisions allowing the change of resolution applicant after CoC approval. It was held that Westend Investment never submitted a resolution plan and was not included in the list of prospective resolution applicants. The Resolution Professional and the CoC were directed to issue a fresh Form G inviting resolution applicants and thereafter complete the entire process leading to approval of the resolution plan, if any, within 90 days.

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History of this topic

Rejection Of Resolution Plan By Suspended Director Can't Be Interfered With If No Expression Of Interest Was Submitted Despite Participation In Meetings: NCLAT
1 month ago

Rejection Of Resolution Plan By Suspended Director Can't Be Interfered With If No Expression Of Interest Was Submitted Despite Participation In Meetings: NCLAT

Live Law  

The National Company Law Appellate Tribunal New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the rejection of the Resolution Plan submitted by the Suspended Director of the Corporate Debtor by Committee of Creditors cannot be interfered with when the concerned Director was present in all the meetings of the CoC and …

Unsuccessful Resolution Applicant Has No Locus To Challenge Approval Of Resolution Plan By CoC: NCLT Kolkata
2 months, 2 weeks ago

Unsuccessful Resolution Applicant Has No Locus To Challenge Approval Of Resolution Plan By CoC: NCLT Kolkata

Live Law  

The NCLT Kolkata bench of Justice Bidisha Banerjee and D. Arvind has held that Unsuccessful Resolution Applicant has no locus standi to challenge the approval of Resolution Plan by the Committee of Creditors. The default stemmed from a Loan Agreement executed on July 26, 2019 between SREI Equipment and the corporate debtor under which a loan facility of Rs, 300 …

Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT
2 months, 3 weeks ago

Resolution Applicant Whose Plan Was Rejected By CoC Can Participate In Freshly Issued Invitation For Expression Of Interest: NCLAT

Live Law  

The NCLAT New Delhi Bench of Justice Ashok Bhushan and Mr. Barun Mitra has held that once resolution plan including revised plan submitted by the resolution applicant is disapproved by the CoC, a fresh plan can be submitted by the same resolution applicant in a freshly issued invitation to expression of interest. IA No.1891 of 2024 was filed by the …

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT
3 months ago

Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT

Live Law  

The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey have reiterated that once the Committee of Creditor has approved the resolution plan, then no claim is to be entertained. Counsel for the Respondent stated that IBC is a time-bound process and drew attention to the case of M/s RPS Infrastructure Ltd. vs. …

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC
5 months ago

NCLAT Rejects Resolution Plan of Bishwanath Traders & Investment Ltd. under Section 29A of IBC

Live Law  

The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that the eligibility/ineligibility of Successful Resolution Applicant under section 29A of the Insolvency and Bankruptcy Code (IBC) has to be seen on the date of submission of Resolution Plan. The tribunal found that when the Corporate Debtor was registered as MSME on 22.05.2022, the benefit of Section …

NCLT Delhi: Adjudicating Authority Can't Consider Settlement Proposal Even With Higher Value After Approval Of Resolution Plan By CoC
8 months, 2 weeks ago

NCLT Delhi: Adjudicating Authority Can't Consider Settlement Proposal Even With Higher Value After Approval Of Resolution Plan By CoC

Live Law  

The National Company Law Tribunal Court V, New Delhi bench comprising Shri Mahendra Khandelwal and Dr. Sanjeev Ranjan held that the Adjudicating Authority cannot consider a Settlement Proposal, even of a higher value than the Resolution Plan, after the approval of the Resolution Plan by the Committee of Creditors. Upon reviewing the minutes of the CoC meetings, NCLT Delhi noted …

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC
1 year ago

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC

Live Law  

The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the IBC does not provide any scope for dissatisfied homebuyers in the minority to override the majority decision taken by the Committee of Creditors. The NCLT Mumbai, in its order dated 06.10.2023, dismissed the application filed by the appellant and approved …

NCLAT Delhi Admits YEIDA’s Appeal Against Jaypee Infratech Resolution Plan On Additional Compensation To Farmers
1 year, 10 months ago

NCLAT Delhi Admits YEIDA’s Appeal Against Jaypee Infratech Resolution Plan On Additional Compensation To Farmers

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Yamuna Expressway Industrial Development Authority v Monitoring Committee of Jaypee Infratech Ltd. & Ors., has admitted the appeal filed by the Yamuna Expressway Industrial Development Authority against the approved resolution plan of M/s. The Bench has passed …

NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited
2 years ago

NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited

Live Law  

The National Company Law Tribunal, Principal Bench, New Delhi comprising of Justice Ramalingam Sudhaka and Shri Avinash K. Srivastava has approved the Resolution Plan filed by the Resolution Professional, Amit Agarwal in the matter of Boulevard Projects Private Limited which was developing a high-end real estate project Delhi One. Background Facts: In 2018, SGM Webtech Private Limited as a financial …

NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited
2 years ago

NCLT Delhi Approves Resolution Plan For Boulevard Projects Private Limited

Live Law  

The National Company Law Tribunal, Principal Bench, New Delhi comprising of Justice Ramalingam Sudhaka and Shri Avinash K. Srivastava has approved the Resolution Plan filed by the Resolution Professional, Amit Agarwal in the matter of Boulevard Projects Private Limited which was developing a high-end real estate project Delhi One. Background Facts: In 2018, SGM Webtech Private Limited as a financial …

Resolution Plan Can't Be Remanded Back To COC Over Hyper-Technical Grounds: NCLAT Delhi
2 years, 6 months ago

Resolution Plan Can't Be Remanded Back To COC Over Hyper-Technical Grounds: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Justice M. Satyanarayana Murthy and Mr. Barun Mitra, while adjudicating an appeal filed in Piya Puri & Ors. v Mr. Debhashish Nanda & Ors., has held that remanding a resolution plan back to Committee of Creditors on the grounds of the procedural deviations raised by a dissenting …

NCLT Ahmedabad Denies Approval Of Resolution Plan For Being Unimplementable
2 years, 8 months ago

NCLT Ahmedabad Denies Approval Of Resolution Plan For Being Unimplementable

Live Law  

The National Company Law Tribunal, Ahmedabad Bench, comprising of Justice Madan B. Gosavi and Shri Kaushalendra Kumar Singh, while adjudicating an application filed in IFCI Ltd. v Anil Mega Food Park Pvt. The Resolution Professional had invited the Expression of Interest / Resolution Plan from prospective resolution applicants for the Corporate Debtor. Consequently, the Resolution Professional had moved an application …

Applicants With Successful Resolution Plan Cannot Be Permitted to Withdraw Offer, Says NCLAT
4 years, 5 months ago

Applicants With Successful Resolution Plan Cannot Be Permitted to Withdraw Offer, Says NCLAT

News 18  

New Delhi: The NCLAT has said once a resolution plan for a debt-ridden company is approved by the lenders, then the successful bidder cannot be permitted to withdraw its offer. “We are of the considered opinion that the sanctity of resolution process has to be maintained and the resolution applicant whose resolution plan has been approved by Committee of Creditors …

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