M/s. Kethos Tiles Pvt. Ltd., an MSME, initiated PPIRP under Section 54C of the IBC. The Adjudicating Authority initiated PPIRP on 2024-01-04 and appointed Vikas Gautam Chand Jain as the Resolution Professional (RP). The RP initiated PPIRP with a public announcement on 2024-01-06, and a Committee of Creditors (CoC) was formed. The 3rd CoC meeting on 2024-04-30 considered a revised base Resolution Plan. The CoC noted the 120-day PPIRP period ending on 2024-05-03 and authorized the RP to seek a 60-day extension with a 91.75% vote. The RP filed an application for extension, but the Adjudicating Authority, on 2024-06-03, asked for the legal basis for such an extension. The Adjudicating Authority rejected the extension application, terminating the PPIRP.
M/s. Kethos Tiles Pvt. Ltd., classified as a Micro, Small & Medium Enterprise (MSME), initiated a Pre-Packaged Insolvency Resolution Process (PPIRP) by filing an application under Section 54C of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority, on 2024-01-04, initiated the PPIRP and appointed Mr. Vikas Gautamchand Jain as the Resolution Professional (RP). Following the order, the RP made a public announcement on 2024-01-06 and constituted a Committee of Creditors (CoC). During the 3rd CoC meeting held on 2024-04-30, the members considered a revised base resolution plan submitted by the Corporate Debtor. The CoC noted that the 120-day PPIRP period would end on 2024-05-03. Subsequently, the CoC, with a 91.75% vote, authorized the RP to file
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M/s. Kethos Tiles Pvt. Ltd., an MSME, initiated PPIRP under Section 54C of the IBC. The Adjudicating Authority initiated PPIRP on 2024-01-04 and appointed Vikas Gautam Chand Jain as the Resolution Professional (RP). The RP initiated PPIRP with a public announcement on 2024-01-06, and a Committee of Creditors (CoC) was formed. The 3rd CoC meeting on 2024-04-30 considered a revised base Resolution Plan. The CoC noted the 120-day PPIRP period ending on 2024-05-03 and authorized the RP to seek a 60-day extension with a 91.75% vote. The RP filed an application for extension, but the Adjudicating Authority, on 2024-06-03, asked for the legal basis for such an extension. The Adjudicating Authority rejected the extension application, terminating the PPIRP.
M/s. Kethos Tiles Pvt. Ltd., classified as a Micro, Small & Medium Enterprise (MSME), initiated a Pre-Packaged Insolvency Resolution Process (PPIRP) by filing an application under Section 54C of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority, on 2024-01-04, initiated the PPIRP and appointed Mr. Vikas Gautamchand Jain as the Resolution Professional (RP). Following the order, the RP made a public announcement on 2024-01-06 and constituted a Committee of Creditors (CoC). During the 3rd CoC meeting held on 2024-04-30, the members considered a revised base resolution plan submitted by the Corporate Debtor. The CoC noted that the 120-day PPIRP period would end on 2024-05-03. Subsequently, the CoC, with a 91.75% vote, authorized the RP to file
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RP initiated P…