The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 for approval of a resolution plan for Banwari Enterprises Pvt. Ltd., a Corporate Debtor.
Corporate Debtor, Banwari Enterprises Pvt. Ltd., was admitted into CIRP based on an application filed by M/s. Drip Capital Inc under Section 7 of the IBC.
Neha Bhasin was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).
The CoC comprised solely of M/s. Drip Capital Inc.
The RP received a resolution plan from the Consortium of Mr. Kailash Thanmal Shah & M/s. Nova Dyestuff Industries Pvt. Ltd.
The RP filed an application for approval of the resolution plan before the NCLT.
The NCLT found that the resolution plan did not meet the requirements of the IBC and CIRP Regulations.
The NCLT observed that the Corporate Debtor had no ongoing business, few assets, and significant uncollected receivables.
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CIRP initiated…
Applicant/IRP issued…
The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 for approval of a resolution plan for Banwari Enterprises Pvt. Ltd., a Corporate Debtor.
Corporate Debtor, Banwari Enterprises Pvt. Ltd., was admitted into CIRP based on an application filed by M/s. Drip Capital Inc under Section 7 of the IBC.
Neha Bhasin was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).
The CoC comprised solely of M/s. Drip Capital Inc.
The RP received a resolution plan from the Consortium of Mr. Kailash Thanmal Shah & M/s. Nova Dyestuff Industries Pvt. Ltd.
The RP filed an application for approval of the resolution plan before the NCLT.
The NCLT found that the resolution plan did not meet the requirements of the IBC and CIRP Regulations.
The NCLT observed that the Corporate Debtor had no ongoing business, few assets, and significant uncollected receivables.
…CIRP initiated…
Applicant/IRP issued…