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NATIONAL COMPANY LAW TRIBUNAL
SMT. BIDISHA BANERJEE, SHRI. D. ARVIND, JJ
Ganga Construction (Consortium) – Appellant
Versus
Anil Kumar Mittal, Resolution Professional of Varutha Developers Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. corporate insolvency initiated for varutha developers. (Para 1 , 4 , 5 , 6) |
| 2. allegations of biased cirp and collusion presented. (Para 8 , 9 , 10 , 12) |
| 3. statutory provisions on ineligibility based on control discussed. (Para 19 , 20 , 21) |
| 4. court's duty in cirp and scope of jurisdiction clarified. (Para 23 , 24 , 25 , 26) |
| 5. approvals and final orders of the resolution plan confirmed. (Para 74 , 81 , 82) |
COMMON ORDER
Per: D. Arvind, Member (Technical)
1. The Court congregated through a hybrid mode.
I.A. (IB) No. 2409/KB/2024
2. Heard the Ld. Sr. Counsels/ Ld. Counsel for the parties in extenso.
3. This application has been preferred by Ganga Construction (Consortium) under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 , for brevity “I&B Code” against Anil Kumar Mittal, Resolution Professional (RP) of Varutha Developers Pvt. Ltd. (Corporate Debtor) and Ors. seeking for the following reliefs:
a) Set aside the Letter of Intent issued in favour of Manglam Multiplex Pvt. Ltd. for being illegal, arbitrary, and in contravention of the provisions of the Insolvency and Bankruptcy Code, 2016 AND/OR;
b) Declare Manglam Multiplex Pvt. Ltd./ Respondent No. 6 as ineli
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