West Bengal Financial Corporation filed an appeal against an order passed in IA/426(KB)2021 in C.P.(IB)/832(KB)2019, which rejected the applicant's application. The applicant sought injunctions to restrain respondents from acting on a resolution adopted by the Committee of Creditors (CoC) on March 25, 2021, extending the decision timeline for Respondent No. 2's resolution plan, and from considering or approving any amended resolution plan submitted by Respondent No. 2. The applicant also sought an order for liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC).
The Corporate Insolvency Resolution Process (CIRP) for 'Dimension Steel & Alloys Pvt. Ltd.' commenced in 2019. On January 4, 2021, the Committee of Creditors (CoC) decided to pursue liquidation. The Resolution Professional (RP) then moved the Adjudicating Authority for liquidation orders. Respondent No. 2, 'C P Ispat Pvt. Ltd.,' proposed a Resolution Plan and filed an application. The Adjudicating Authority directed the CoC to consider the Resolution Plan by March 22, 2021, and to make a decision by March 25, 2021. The CoC gave the Resolution Applicant further time to modify the plan, which the Appellant objected to. The Adjudicating Authority expressed displeasure with the CoC's failure to adhere to the original timeline. The voting process on the Resolution Plan
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Corporate Insolvency Resolution Process (CIRP)…
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West Bengal Financial Corporation filed an appeal against an order passed in IA/426(KB)2021 in C.P.(IB)/832(KB)2019, which rejected the applicant's application. The applicant sought injunctions to restrain respondents from acting on a resolution adopted by the Committee of Creditors (CoC) on March 25, 2021, extending the decision timeline for Respondent No. 2's resolution plan, and from considering or approving any amended resolution plan submitted by Respondent No. 2. The applicant also sought an order for liquidation under Section 33 of the Insolvency and Bankruptcy Code (IBC).
The Corporate Insolvency Resolution Process (CIRP) for 'Dimension Steel & Alloys Pvt. Ltd.' commenced in 2019. On January 4, 2021, the Committee of Creditors (CoC) decided to pursue liquidation. The Resolution Professional (RP) then moved the Adjudicating Authority for liquidation orders. Respondent No. 2, 'C P Ispat Pvt. Ltd.,' proposed a Resolution Plan and filed an application. The Adjudicating Authority directed the CoC to consider the Resolution Plan by March 22, 2021, and to make a decision by March 25, 2021. The CoC gave the Resolution Applicant further time to modify the plan, which the Appellant objected to. The Adjudicating Authority expressed displeasure with the CoC's failure to adhere to the original timeline. The voting process on the Resolution Plan
…Corporate Insolvency Resolution Process (CIRP)…
Committee of Creditors…