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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
ASHOK BHUSHAN, J
Deepak Sakharam Kulkarni & Anr. – Appellant
Versus
Manoj Kumar Agarwal, Resolution Professional of D.S. Kulkarni Developers Ltd. – Respondent
| Table of Content |
|---|
| 1. overview of appeals filed against approval of resolution plan (Para 1 , 2 , 3) |
| 2. arguments regarding undervaluation of corporate debtor's assets (Para 14 , 15 , 20) |
| 3. court upholding certain claims of appellants (Para 61 , 206) |
| 4. provisions for treatment of assets owned by third parties under ibc (Para 162 , 166) |
| 5. dismissal of appeals concerning finalization of resolution plan (Para 223 , 224) |
JUDGMENT
ASHOK BHUSHAN, J.
The Appeal(s) have been filed against the – (i) Order dated 23.06.2023 passed by National Company Law Tribunal, Mumbai Bench-I in IA No.1950 of 2021 filed by the Resolution Professional (“RP”), by which order Resolution Plan submitted by Ashdan Properties Pvt. Ltd.; Classic Promoters and Builders Pvt. Ltd. and Atul Builders India Pvt. Ltd. (in Consortium) have been approved by the Adjudicating Authority in respect of the Corporate Insolvency Resolution Process (“CIRP”) of D.S. Kulkarni Developers Ltd. (the Corporate Debtor); and (ii) Orders dated 01.08.2023, rejecting the IA’s filed by Homebuyers as infructuous consequent to order dated 23.06.2023.
2. The above Appeal(s) have been filed by Promoters of the Corporate Debtor; other Group Entities; Oper
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