The court held that the Committee of Creditors (CoC) rightly ...

Creditors committee rightly rejected late resolution plan, approved 92.87% vote plan despite minor creditor's objection.

Case Laws IBC

September 26, 2024

The court held that the Committee of Creditors (CoC) rightly considered and rejected the resolution plan submitted by M/s. Saverni Neutech Pvt. Ltd. and approved the plan of M/s. Trinity India Forgetech Pvt. Ltd. with 92.87% vote share. M/s. Saverni Neutech Pvt. Ltd. had no occasion to pray for a revised resolution plan when it failed to file a plan within the stipulated time. The Adjudicating Authority did not err in rejecting the application filed by Sandeep Jayantilal Vadodria. Regarding Prem Trading Company's appeal, its authorized representative Rakesh Patel was present in the CoC meeting and rightly exited from voting on approving the resolution plan due to conflict of interest as a co-resolution applicant. Prem Trading Company's 2.48% vote share was insignificant, and the plan was approved by HDFC Bank Ltd., the largest creditor with 92.87% vote share. The appeals were dismissed as lacking merit.

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The court held that the Committee of Creditors (CoC) rightly ...

Creditors committee rightly rejected late resolution plan, approved 92.87% vote plan despite minor creditor's objection.

Case Laws IBC

September 26, 2024

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