Case Law Details
Bank of Maharashtra Vs D.S. Kulkarni Developers Limited (NCLT Mumbai)
Mumbai Bench-I of the National Company Law Tribunal (NCLT) has pronounced the order on 23.06.2023, approving the Resolution Plan submitted by Ashdan Properties Pvt. Ltd., Classic Promoters & Builders Pvt. Ltd. and Atul Builders- Consortium, i.e. Resolution Applicant, for the Corporate Insolvency Resolution of the D.S. Kulkarni Developers Limited under Section 31 of the IBC, 2016.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. The present application is moved by Resolution Professional Mr. Manoj Kumar Agarwal (hereinafter called as “the Applicant”) under section 30 (6) of the Insolvency and Bankruptcy Code, 2016 (“code”) r/w Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for seeking approval of the resolution plan of Ashdan Properties Private Limited (hereafter called as the “Successful Resolution Applicant/SRA”) under the provisions of Section 3 1(1) of the code, for the Corporate Debtor D.S. Kulkarni Developers (hereinafter called as the “Corporate Debtor”) and for passing order/appropriate direction that this Tribunal may deem fit in the present matter.
2. The CIRP was initiated against the Corporate debtor vide Order dated 26.09.2019 and the Applicant herein was appointed as the The Interim Resolution Professional (hereinafter referred to as the IRP) made a public announcement in Form A on 30.09.2019. The IRP constituted the Committee of Creditors (hereinafte referred to as the CoC) on 18.10.2019. Subsequently, the First CoC meeting took place on 25.10.2019 wherein the IRP was appointed as the Resolution Professional.
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