BIDDERS
Facts of the case:
Kalinga Allied Industries India Private Limited (Hereinafter referred to as "Appellant" or Successful Resolution Applicant (SRA) have preferred appeal against order of Hon'ble National Company Law Tribunal (NCLT), New Delhi, Principal Bench in IA No.999(PB)/2021 in IB-60(PB)/2018 allowing application by Committee of Creditors(CoC) to call meeting of CoC and consider Resolution Plan proposed by Party who was not part of CIRP Proceedings and seeking additional time to consider and approve a more suitable plan after already approved plan of SRA by CoC. SRA earlier has placed resolution plan at lower amount on 25th June 2019, later on SRA submitted revised offer with increased amount as per order dated 22nd October 2019 and the same was approved by CoC at their meeting on 11th November 2019 and said plan was submitted to the Adjudicating authority which was approved as well.
Observation of Hon'ble NCLT while allowing application of CoC
"CoC is well within its powers to reject a plan, improve a plan and also withdraw a plan in their commercial wisdom and hence the decision on the part of the financial creditors to reconstitute the CoC and to construe better plans, is well within their powers and the same cannot be denied."
"Objective of Insolvency & Bankruptcy Code is to maximize the value, however the same should be in time bound manner"
Grounds of Appeal to Hon'ble NCLAT:
1. Adjudicating Authority cannot entertain an application of a person who has not participated in the Corporate Insolvency Resolution Process (CIRP) even when such a person is ready to pay more amount in comparison to the SRA and therefore no new Application can be entertained if a person has not participated in the CIRP.
هذه القصة مأخوذة من طبعة January 2023 من M & A Critique.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة January 2023 من M & A Critique.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Themis Group to consolidate its operations
Themis Medicare Limited (\"TML\" or \"Transferee Company\") is engaged in the business of manufacturing of finished formulations and synthetic Active Pharmaceutical Ingredients (\"APIS\"). The equity shares of TML are listed on the Stock Exchanges.
Siyaram Silk Mills "Special Reward" to Shareholders – Shall Issue Preference Shares as Bonus Shares
Recently Siyaram Silk Mills Limited announced issuance of compulsorily redeemable preference shares as a bonus” to all the equity shareholders.
Cello Group's decides to simplify its corporate structure
Cello World Limited (\"CWL\" or \"Transferee Company\") is a company incorporated under the provisions of the Act.
Whether Long Term Capital Loss allowed in case of Share Capital Reduction?
Recently, Hon'ble the Supreme Court reiterated that reduction in share capital is covered under Section 2(47) of the Income Tax Act, 1961 and assessee is eligible to claim losses.
STRATEGIC MERGER SHALL CATAPAULT ASTER DM AS THE 3rd LARGEST HOSPITAL CHAIN IN INDIA
\"The resulting merged listed entity will be called Aster DM Quality Care Limited\"
STAMP DUTY EXEMPTION ON TRANSFER OF SHARES AS PART OF MERGER OF SUBSIDIARIES
A Writ Petition was filed by Ambuja Cements Limited (hereinafter \"the Petitioner\" or \"ACL\"), challenging the imposition of stamp duty on a merger order under Article 23 of Schedule IA of the Indian Stamp Act, 1899 by Collector of Stamps, Delhi (hereinafter \"Respondent\").
Acquisition of Plastic Injected Moulding Business from Sundaram Auto helps Pricol Group to a leadership position in Auto Component Sector
Recently, Sundaram Auto Components Limited, a wholly owned subsidiary of TVS Motor Company Limited approved the sale of its injection moulded plastic component solutions division to Pricol Precision Products Private Limited, a wholly owned subsidiary of Pricol Limited, as a going concern on a slump sale basis.
Simplifying the Corporate Structure - Merger of Inox Leasing and Financing with Gujarat Fluorochemicals
The board of Directors of some of Inox group entities have approved a Composite Scheme of Arrangement which provides for first demerger of Wind business of Inox Leasing and Finance Limited being a promoter group entity into Inox Holdings and Investments Limited and subsequently, merger of remaining Inox Leasing and Finance Limited into Gujarat Fluorochemicals Limited to provide direct holding of listed company to the promoters.
Cement Sector Consolidation Continues: Orient Cement to be acquired by Adani Group's Ambuja Cement
The shopping spree for the Adani group seems to be unstoppable. Recently, Adani group announced yet another acquisition in the cement space. This time it is Orient Cement Limited.
ITAT held that the reserve created on amalgamation is capital in nature and not taxable as perquisite
Recently, the Income Tax Appellate Tribunal, Mumbai held that the reserve created on amalgamation is capital in nature and not taxable as perquisite.
