The case involves appeals against an order by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench-I) which rejected a resolution plan and directed the re-initiation of the Corporate Insolvency Resolution Process (CIRP) for Fairdeal Multifilament Private Limited. The Adjudicating Authority also removed the Resolution Professional (Fintech Restructuring LLP) and appointed a new RP. The appeals were filed by Fintech Restructuring LLP and Saraswat Cooperative Bank Ltd., a financial creditor.
The Adjudicating Authority initiated CIRP against the Corporate Debtor on 2023-02-21 and appointed an Interim Resolution Professional. A public announcement was made on 2023-02-25. The CoC was constituted, comprising Saraswat Cooperative Bank Ltd. as a secured financial creditor with 41.95% voting share. Fintech Restructuring LLP was appointed as the RP on 2023-10-09. Fintech published Form-G to invite Expressions of Interest, receiving responses from eleven eligible parties. Three resolution plans were submitted by Manoj Sanklecha, Parth Poly Coat Yarn Private Limited, and Kanter Steel (India) Private Limited. The CoC extended the CIRP period to 2024-04-30. The e-bidding process concluded on 2024-03-29, with Parth submitting the highest bid. The CoC approved Parth's
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Adjudicating Authority…
A public annou…
The case involves appeals against an order by the Adjudicating Authority (National Company Law Tribunal, Ahmedabad Bench-I) which rejected a resolution plan and directed the re-initiation of the Corporate Insolvency Resolution Process (CIRP) for Fairdeal Multifilament Private Limited. The Adjudicating Authority also removed the Resolution Professional (Fintech Restructuring LLP) and appointed a new RP. The appeals were filed by Fintech Restructuring LLP and Saraswat Cooperative Bank Ltd., a financial creditor.
The Adjudicating Authority initiated CIRP against the Corporate Debtor on 2023-02-21 and appointed an Interim Resolution Professional. A public announcement was made on 2023-02-25. The CoC was constituted, comprising Saraswat Cooperative Bank Ltd. as a secured financial creditor with 41.95% voting share. Fintech Restructuring LLP was appointed as the RP on 2023-10-09. Fintech published Form-G to invite Expressions of Interest, receiving responses from eleven eligible parties. Three resolution plans were submitted by Manoj Sanklecha, Parth Poly Coat Yarn Private Limited, and Kanter Steel (India) Private Limited. The CoC extended the CIRP period to 2024-04-30. The e-bidding process concluded on 2024-03-29, with Parth submitting the highest bid. The CoC approved Parth's
…Adjudicating Authority…
A public annou…