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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Barun Mitra, Member (Technical)
Shri Madhukar Shetty Ex-Director of Genesis Resorts Pvt. Ltd. – Appellant
Versus
BANK OF BARODA – Respondent
| Table of Content |
|---|
| 1. the appeal arises from a resolution plan approval process within the cirp under ibc. (Para 1 , 2 , 3) |
| 2. arguments raised regarding asset undervaluation and procedural irregularities in approving the resolution plan. (Para 4 , 5 , 6) |
| 3. the court reaffirmed adherence to cirp regulations and the legitimacy of the rp’s valuation process. (Para 7 , 8 , 9 , 10) |
| 4. the coc's satisfaction with asset valuations protects them from appellate scrutiny. (Para 11 , 12 , 13) |
| 5. the court upheld the coc's commercial wisdom regarding the resolution plan's acceptance. (Para 14 , 15 , 16) |
| 6. the court found no merit in claims against the eligibility of the resolution applicant. (Para 17 , 18 , 19 , 20 , 21) |
| 7. final acknowledgment of coc's authority and dismissal of the appeal. (Para 22 , 23 , 24) |
JUDGMENT
[Per: Barun Mitra, Member (Technical)]
The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’ in short) by the Appellant arises out of the Order dated 20.12.2023 (hereinafter referred to as ‘Impugned Order’) passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench-I in IA-1177/2021 and IA-1768/2021 in CP (IB) No. 2445 of 2019.
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