Rejection of Approval Plan - When Appellant has submitted the ...

Appellant claims unawareness of proceedings; Adjudicating Authority finds inaction, proceeds with Corporate Debtor liquidation as per CoC plan.

August 3, 2022

Case Laws Insolvency and Bankruptcy AT

Rejection of Approval Plan - When Appellant has submitted the Resolution Plan which was approved on 08.11.2018, he cannot just say that he was not aware of the proceedings before the Adjudicating Authority for approval of the Resolution Plan. The Adjudicating Authority has rightly drawn a conclusion that inaction on the part of the Resolution Applicant clearly indicates that he was not willing to proceed with the Resolution Plan approved by the CoC - the Adjudicating Authority has given valid reason in the order for proceeding with the liquidation of the Corporate Debtor. - AT

View Source

← Previous Next →

Rejection of Approval Plan - When Appellant has submitted the ...

Appellant claims unawareness of proceedings; Adjudicating Authority finds inaction, proceeds with Corporate Debtor liquidation as per CoC plan.

August 3, 2022

Case Laws Insolvency and Bankruptcy AT

You may also like:

Appellants filed claims after the cut-off date for submission of claims in the insolvency resolution process. The approved resolution plan kept such delayed claims alive...

The NCLAT dismissed appellants' attempt to submit belated claims after a resolution plan had already been approved by both the CoC and Adjudicating Authority. The...

The NCLAT dismissed the appeal challenging the order approving the Resolution Plan. The appellant's claim was not admitted by the Resolution Professional, who published...

Prayer for direction for placing the Settlement Proposal submitted by the Appellant before the CoC for consideration - CoC unanimously decided to reject the proposal...

Approval of Resolution Plan - The Adjudicating Authority has not taken cognizance of the award and rejected the application filed by the Appellant. Since the Appellants...

The Appellate Tribunal addressed the issue of refund and adjustment of security amount in a claim. It examined Clause 8 of the Claim Form and found that the security...

Rejection of transfer application - proceedings were initiated by the Financial Creditor under Section 7 which proceedings were initially admitted and the application to...

The appellant's claim for Rs. 9.21 crores, arising from the termination of an agreement due to non-renewal of a performance bank guarantee, was not considered by the...

The NCLAT set aside the impugned order and allowed the appeal, holding: i) No fault in the assignment by lenders to Omkara Assets Reconstruction Pvt. Ltd. ii)...

Benami transaction - Attachment of funds towards chit funds in appellants' name and another maturity value. Reliance on sworn statement u/s 132(4) of Income Tax Act...

Rejection of an application filed u/s 10 of the Insolvency and Bankruptcy Code (IBC) by the Appellant, where the State Bank of India (SBI) had initiated proceedings u/s...

Seeking restoration of petition, which was dismissed for non prosecution - The appellate tribunal acknowledges the assignment agreement between Bank of Baroda and the...

The appellant, a large account reseller authorized by Microsoft, received IT services from Microsoft for which payments were made. The department alleged that Microsoft...

While permitting withdrawal of Section 9 Application, Adjudicating Authority did not grant liberty to the Appellant to reapproach the Adjudicating Authority in the event...

Issue of benami property transactions and the appellant's failure to prove the source of income for acquiring properties worth Rs. 1,41,37,500/-. The Initiating Officer...

Quick Updates: