Allowed

In the matter of Modella Textile Industries Limited IA-1814-2022 in C.P.(IB)-66(MB)-2021

NCLT8 Jul 2022

Case brief

AI extract

What is this about?

The Tribunal confirmed the appointment of Mrs. Sudha P. Navandar as the Authorised Representative for home buyers (majority class of creditors) in an insolvency matter under Section 21(6A) of the IBC, granting the applicant's interim application.

What did the court decide?

Appointment of Mrs. Sudha P. Navandar as Authorised Representative for home buyers confirmed.

In the matter of Modella Textile Industries Limited… — Insolvency and Bankruptcy | NCLT (2022)

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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH

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COURT – IV

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IA-1814/2022 in C.P.(IB)/68(MB)/2021

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CORAM:

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SHRI MANOJ KUMAR DUBEY SHRI KISHORE VEMULAPALLI MEMBER (Technical) MEMBER (Judicial)

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ORDER SHEET OF THE HEARING HELD ON 08.07.2022

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NAME OF THE PARTIES: Beacon Trusteeship Limited Vs

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Modella Textile Industries Limited

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SECTION: 7 OF INSOLVENCY AND BANKRUPTCY CODE, 2016.

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O R D E R

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The Court is convened through Video Conference.

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PCA Ayush Rajani a/w Khushboo Rajani i/b AKR Advisors, Ld. Authorised Representative for the Applicant/Interim Resolution Professional (IRP) present.

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This is an IA filed by the IRP u/s 21(6A) of IBC seeking the appointment of the Authorised Representative.

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After the initiation of CIRP, the IRP made public announcement on 06.05.2022 inviting claims from the creditors of the Corporate Debtor. The IRP vide the said public announcement provided the class of creditors i.e. home buyers, a choice to appoint amongst the three insolvency professional viz. (i) Mrs. Sudha P. Navandar, (ii) Mrs. Priti Paras Salva, and (iii) Mr. Sanjay Hirachand Shah, as the Authorised Representative on their

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Contd….2

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08.07.2022 / pvs

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IA-1814/2022 in C.P.(IB)/68(MB)/2021

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: 2 :

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behalf. The majority class of creditors chose Mrs. Sudha P. Navandar having Reg. No.: IBBI/IPA-001/IP-P00451/2017-2018/10794 (add: D-519/520, Neelkanth Business Park, Vidhyavihar West, Mumbai – 400 086; email : [email protected]) as its Authorised Representative. Mrs. Sudha P. Navandar has given her consent in Form AB dated 15.03.2022.

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As submitted by the Counsel for the IRP and in consideration of the choice of the majority home buyers, this Bench hereby confirms the appointment of Mrs. Sudha P. Navandar as the Authorised Representative of the home buyers.

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Accordingly, IA-1814/2022 in C.P.(IB)/68(MB)/2021 is allowed and disposed of.

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Sd/- Sd/-

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MANOJ KUMAR DUBEY KISHORE VEMULAPALLI Member (Technical) Member (Judicial)

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08.07.2022 / pvs

In the matter of Modella Textile Industries Limited IA-1814-2022 in C.P.(IB)-66(MB)-2021

Case brief

What is this about?

What did the court decide?

In the matter of Modella Textile Industries Limited IA-1814-2022 in C.P.(IB)-66(MB)-2021

Case brief

What is this about?

What did the court decide?

What the court decided

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