Back
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
YOGESH KHANNA, J
IFCI Ltd – Appellant
Versus
Raju Palanikunnathil Kesavan, RP of Heera Construction Co Pvt Ltd – Respondent
| Table of Content |
|---|
| 1. background and initiation of appeals. (Para 1 , 2 , 3 , 4) |
| 2. claims regarding asset valuation and treatment in resolution plan. (Para 8 , 11 , 12) |
| 3. discussion on procedural irregularities and the rp's responsibilities. (Para 19 , 21 , 26) |
| 4. final decision relating to the allowance of appeals and future actions. (Para 35 , 36) |
JUDGEMENT
JUSTICE YOGESH KHANNA, MEMBER (JUDICIAL)
The present appeals have been filed by the Appellant under Section 61 of the I&B Code, 2016 against an impugned order dated 31.03.2023 passed by the Ld. NCLT, Mumbai Bench in IA No.2238 of 2022 and IA No.1841 of 2022 in CP(IB) No.4447/MB/2018, whereof the Ld. NCLT had rejected the application of the appellant and had rather allowed the application filed by the Respondent No.1 qua approval of resolution plan.
2. The facts are the Appellant granted financial assistance to M/s Heera Constructions Company Pvt. Ltd. (Corporate Debtor), a real estate company, to the tune of Rs. 50 Crores, by way of a Corporate Loan Agreement; which loan was secured by various mortgages in respect of following properties:
(i) 5.46 Acres of land at Attipra Village, Thiruvananthapuram, Kerala ("Attipra Land") (a third
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
