The case involves an appeal against the rejection of a Resolution Plan submitted by First Global Finance Pvt Ltd. for the Corporate Debtor, IVRCL Limited. State Bank of India initiated the insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Resolution Plan was rejected by the Committee of Creditors (CoC) due to deviations from the Expression of Interest (EOI), non-submission of the Earnest Money Deposit (EMD), and non-compliance with minimum qualification criteria. The Appellant contends that the rejection was arbitrary and that the CoC's decision was flawed. The CoC insisted that Phoenix ARC would not be considered while deciding the eligibility.
State Bank of India initiated insolvency proceedings against IVRCL Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) commenced on February 23, 2018. The Resolution Professional invited Expression of Interest (EOI) for submitting a Resolution Plan. First Global Finance Private Limited, along with others, submitted a Resolution Plan as part of an 'Original Consortium'. The CoC rejected the initial Resolution Plan due to deviations from the EOI. A second EOI process was initiated. First Global submitted a revised Resolution Plan as part of a 'Reconstituted Consortium'. The CoC rejected the revised Resolution Plan due to deviations from the EOI, non-submission of the Earnest Money Deposit (EMD), and
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Corporate Insolvency…
Public announcement for inviting Expression of…
The case involves an appeal against the rejection of a Resolution Plan submitted by First Global Finance Pvt Ltd. for the Corporate Debtor, IVRCL Limited. State Bank of India initiated the insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Resolution Plan was rejected by the Committee of Creditors (CoC) due to deviations from the Expression of Interest (EOI), non-submission of the Earnest Money Deposit (EMD), and non-compliance with minimum qualification criteria. The Appellant contends that the rejection was arbitrary and that the CoC's decision was flawed. The CoC insisted that Phoenix ARC would not be considered while deciding the eligibility.
State Bank of India initiated insolvency proceedings against IVRCL Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) commenced on February 23, 2018. The Resolution Professional invited Expression of Interest (EOI) for submitting a Resolution Plan. First Global Finance Private Limited, along with others, submitted a Resolution Plan as part of an 'Original Consortium'. The CoC rejected the initial Resolution Plan due to deviations from the EOI. A second EOI process was initiated. First Global submitted a revised Resolution Plan as part of a 'Reconstituted Consortium'. The CoC rejected the revised Resolution Plan due to deviations from the EOI, non-submission of the Earnest Money Deposit (EMD), and
…Corporate Insolvency…
Public announcement for inviting Expression of…