2018 (7) TMI 1961

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ppellant: Mr. Rishav Banerjee and Ms. Jayantika Ganguly, For Respondents: Mr. Saumya Mehrotra and Mr. R. Sudhinder, ORDER Corporate Insolvency Resolution Process under Section 7 of I&B Code was initiated against 'Assam Company India Ltd.' (Corporate Debtor). After following all the procedure, publication of advertisement, etc. Resolution Plans were received by Appellant - Resolution Profe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... to direct the Resolution Professional and Committee of Creditors that the eligibility-A prospective resolution applicants is to be recast as 'either minimum net worth criteria of INR 400 crores of proof of availability of cash. 2. The aforesaid prayer was opposed by the Resolution Professional as the criteria were already approved by the Committee of Creditors. The Adjudicating Authority by im....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the operation of the impugned order by our order dated 10.05.2018. 5. Learned counsel for the Resolution Professional informed that after the order of stay passed by this Appellate Tribunal they have already received four resolution plans which were not considered by the Committee of Creditors. Learned counsel appearing on behalf of 'M/s M. K. Shah Exports Ltd.' submitted that they are withdra....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rs to complete the process immediately. If one or other Resolution Plan confirms with provisions of Section 30(2), the same to be considered taking into consideration provisions of Section 29A and viability, feasibility and matrix and other factors of the plans. It will be open to the Committee of Creditors to approve the best plan. If such order of approval is passed by the Committee of Creditors....