Case Law Details
In re Dr. G. V. Narasimha Rao, Resolution Professional of M/s. Neoaska Pharma Private Limited (NCLT Hyderabad)
Approval of the resolution plan for M/s. Neoaska Pharma Pvt. Ltd. by the National Company Law Tribunal (NCLT) in Hyderabad- The Resolution Professional, Dr. G. V. Narasimha Rao, presents the comprehensive details of the plan submitted by Madhya Pradesh Waste Management Pvt. Ltd.
Analysis: The application filed by the Resolution Professional under the relevant sections of the Insolvency and Bankruptcy Code seeks approval for the resolution plan submitted by Madhya Pradesh Waste Management Pvt. Ltd. The Committee of Creditors approved the plan with 100% votes. The order outlines the timeline of events, including the formation of the Committee of Creditors, the appointment of the Resolution Professional, and the subsequent COC meetings. It also covers the compliance checks, valuation assessments, and financial proposals of the resolution plan.
Furthermore, the order highlights the salient features of the approved resolution plan, including the financial proposals, distribution of voting share among the financial creditors, and the proposed timeline for implementation. It discusses the Monitoring Committee’s role, compliance with mandatory contents of the resolution plan, and relevant legal precedents emphasizing minimal judicial interference in such matters.
Conclusion: In conclusion, the NCLT Hyderabad has approved the resolution plan submitted by Madhya Pradesh Waste Management Pvt. Ltd. for M/s. Neoaska Pharma Pvt. Ltd. Dr. G. V. Narasimha Rao, as the Resolution Professional, ensures that the plan meets the requirements of the Insolvency and Bankruptcy Code and the applicable regulations.
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