Mapletree moves NCLT against Falcon Tyres' lenders over its resolution plan

Accused Edelweiss Asset Reconstruction Company and other lenders of acting contrary to provisions of IBC by rejecting its resolution plan

Mapletree Leather Goods, the sole resolution applicant for the Ruia Group-owned Falcon Tyres, which is currently undergoing insolvency proceedings under the Bengaluru bench of the NCLT, has accused Edelweiss Asset Reconstruction Company, among other lenders, of acting contrary to the provisions of the Insolvency and Bankruptcy Code (IBC) by rejecting its resolution plan.

In a petition to the NCLT, Mapletree alleged that its proposed resolution plan of Rs 310, which was modified in December last year, after the Committee of Creditors (CoC) of Falcon Tyres raised objections, was rejected despite it being the sole applicant to save Falcon Tyres from