In the matter of Ujaas Energy Limited IA-190(MP)2021 & IA-165(MP)2022 In Cp (Ib) 9 of 2020
Case brief
What is this about?
The NCLT Indore Bench examined two applications under the IBC regarding the approval of a resolution plan. The court rejected the plan for violating Section 30(2)(e) by extinguishing personal guarantor rights without all secured creditors' consent and dismissed the operational creditor's objection as having no locus standi at that stage.
What did the court decide?
IA 190 of 2021 is rejected and disposed of; IA 165 of 2022 is rejected and disposed of.
IN THE NATIONAL COMPANY LAW TRIBUNAL
INDORE BENCH
COURT NO. 1
ITEM Nos.203 & 204
IA/190(MP)2021 & IA/165(MP)2022 in CP(IB) 9 of 2020
Proceedings under Section 30(6),30(1) IBC,2016
IN THE MATTER OF: IA/190(MP)2021
Naveen Kumar Sood RP of Ujaas Energy Ltd
........Applicant
IA/165(MP)2022
........Applicant Satec Envir Engineering (India) Pvt Ltd V/s ........Respondents Ujaas Energy Ltd & Ors
Order delivered on 06/01/2023
Issues for consideration
3 issues framed by the court
Whether the Adjudicating Authority can approve a resolution plan that extinguishes the right of a dissenting secured creditor to proceed against the personal guarantor of the corporate debtor.
Whether the Adjudicating Authority can approve a resolution plan proposed by a related party to the corporate debtor despite objections regarding eligibility under Section 29A.
Whether an operational creditor has locus standi to object to an approved resolution plan on the ground that the corporate debtor was solvent.
Parties & counsel
- applicant
Naveen Kumar Sood
- applicant
Satec Envir Engineering (India) Private Limited
- respondent
M/s Ujaas Energy Limited
Coram
Case details
As recorded by the court registry
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