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B. R. GAVAI, ARAVIND KUMAR
Authum Investment and Infrastructure Limited – Appellant
Versus
R. K. Mohatta Family Trust – Respondent
JUDGMENT :
B.R. Gavai, J.
1. Leave granted.
2. These appeals challenge the order of the High Court of Judicature at Bombay, dated 16th December 2022, vide which the High Court dismissed the Interim Application (L) No. 33514 of 2022 in Commercial Suit (L) No. 162 of 2022 filed by Reliance Home Finance Limited (hereinafter referred to as ‘RHFL’), respondent No. 2 herein, under Section 151 of the Civil Procedure Code, 1908 (for short, “CPC”), seeking approval of the Resolution Plan (for short, “RP”) pertaining to its dissolution, in light of the judgment of this Court in the case of Securities and Exchange Board of India v. Rajkumar Nagpal and Others, 2022 SCC Online SC 1119. The appeal arising out of SLP(C) No. 1078 of 2023 is filed by RHFL and appeal arising out of SLP(C) No. 411 of 2023 is filed by Authum Investment and Infrastructure Limited (hereinafter referred to as “AIIL”), a non-banking financial corporation, which had originally proposed the RP for RHFL.
3. The facts herein are taken from the appeal arising out of SLP(C) No. 411 of 2023 filed by AIIL, which, in brief, are as follows:
3.1 RHFL executed a number of Debenture Trust Deeds, of which nine were executed with the IDBI Tr
The court emphasized that a corporate debtor's restructuring proposal must receive proper written approval from all debenture holders as stipulated in the Debenture Trust Deed, failing which the init....
The commercial wisdom of the Committee of Creditors prevails in approving resolution plans, and dissenting creditors cannot claim preferential treatment beyond statutory provisions.
Resolution plan rejected for furnishing performance security only on infusion amount, not total plan value as mandated by unamended RFRP; post facto CoC decisions cannot cure process deviation, ensur....
Once financial debt and default under Section 7 IBC is established, admission is mandatory; Adjudicating Authority has no discretion to consider viability. Vidarbha ratio fact-specific, not precedent....
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