NCLT approves Resolution Plan of Galada Power and Telecommunication Limited

By Editor Corporate Law Judiciary June 26, 2023

TaxGuru Citation: 2023 taxguru.in 3743
Case Name: In re Galada Power and Telecommunication Limited (NCLT Hyderabad)
Appeal Number: Only available for paid members
Date of Judgement/Order: Only available for paid members
Courts: NCLT

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In re Galada Power and Telecommunication Limited (NCLT Hyderabad)

1. The instant Application bearing IA No. 583/2021 is filed by the Resolution Professional of M/s. Galada Power and Telecommunication Limited/ for short ‘Corporate Debtor’ under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, r/w regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan submitted by M/s. Amrutha Constructions Private Limited, for short ‘Resolution Applicant’ as duly approved by the Committee of Creditors with 100% voting share.

2. The Company Petition CP(IB) No. 384/7/HDB/2018 filed by Stressed Assets Stabilisation Fund u/s. 7 of IBC, 2016 was admitted by the Adjudicating Authority, vide Order dated 14.08.2019 and ordered commencement of CIRP against the Corporate Debtor/M/s. Galada Power and Telecommunication Limited by appointing Nitin Vishwanath Panchal as the Interim Resolution Professional (IRP). Later, in the ^1st COC Meeting held on 20.09.2019, the IRP was confirmed as Resolution Professional, for short ‘RP’.

3. On receipt of claims from the Creditors pursuant to public announcement dated 28.08.2019, the RP constituted the Committee of Creditors, for short ‘COC’ comprising of the following Financial Creditors of the Corporate Debtor as follows:

S.No.

Name of the Creditor

Voting