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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
M/s. Sumeet Industries Ltd. – Appellant
Versus
M/s. Eagle Fashions Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. overview of appeals and earlier resolution process. (Para 1 , 2 , 3) |
| 2. arguments against the rejection of the resolution plan. (Para 4 , 5 , 6) |
| 3. observations regarding incomplete documentation and reports. (Para 7 , 8) |
| 4. determining grounds for plan rejection based on compliance. (Para 9 , 10 , 11) |
JUDGMENT
ASHOK BHUSHAN, J.
These two appeals have been filed against the same order of the Adjudicating Authority dated 05.04.2024 passed in I.A. No. 1394/2023 in C.P. (IB) No. 38/2020, by which order Adjudicating Authority has rejected the I.A. 1394/2023 filed by the Resolution Professional (RP) for approval of the Resolution Plan submitted by M/s. Eagle Fashions Private Ltd & Anr. Both the RP and Successful Resolution Applicant (SRA) aggrieved by rejection of the Resolution Plan has come up in these appeals.
2. Brief facts giving rise to these appeals are:
i. On an application filed by the IDBI bank under Section 7, Corporate Insolvency Resolution Process (CIRP) commenced against the Corporate Debtor, Sumeet Industries Ltd. by order dated 20.12.2022.
ii. On 04.03.2023, Interim Resolution Professional (IRP) was replaced and Mr. Satyendra Prasad Khorania was appointed as a
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