SREI Equipment Finance Limited Vs Varutha Developers Private Limited (NCLT Kolkata)
NCLT Kolkata held that unsuccessful resolution applicant has no locus to assail resolution plan once the resolution plan has been approved by the Committee of Creditors [CoC] unanimously.
Facts- The present application has been preferred by Ganga Construction (Consortium) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Anil Kumar Mittal, Resolution Professional (RP) of Varutha Developers Pvt. Ltd. (Corporate Debtor) and Ors.
This Adjudicating Authority on 20.12.2023 has passed an ex-parte admission order for Corporate Insolvency Resolution Process (CIRP) in respect of M/s. Varutha Developers Pvt. Ltd. [Corporate Debtor] with respect to a default of Rs. 439,10,51,260/-, pursuant to a Loan Agreement executed on July 26, 2019, between SREI Equipment Finance Limited (Financial Creditor) and Varutha whereby a loan facility of Rs. 300,00,00,000/- was sanctioned to the Corporate Debtor.
That, pursuant to the Order of admission, the Interim Resolution Professional (R-1) constituted the Committee of Creditors (CoC) based on the claim received under the publication made on 23.12.2023 in Form A. Subsequently, a report was filed on 11.01.2023, before us wherein SREI Equipment Finance Limited (SREI Equipment) emerged as the sole member of the CoC being in capacity of a sole secured financial creditor having 100% voting share in the CoC.
