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., which was admitted into CIRP based on an application by Drip Capital Inc.
Banwari Enterprises Pvt. Ltd. was admitted into CIRP based on an application by 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) for Banwari Enterprises Pvt. Ltd.
The Committee of Creditors (CoC) comprised only one member, Drip Capital Inc.
The resolution plan was submitted by the consortium of Mr. Kailash Thanmal Shah & M/s. Nova Dyestuff Industries Pvt. Ltd.
The resolution plan proposed a total outlay of INR 15,00,000, with INR 5,00,000 allocated for CIRP costs and INR 10,00,000 for unsecured financial creditors.
The Tribunal noted discrepancies in the company's financials, including fictitious entries and uncollected export 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., which was admitted into CIRP based on an application by Drip Capital Inc.
Banwari Enterprises Pvt. Ltd. was admitted into CIRP based on an application by 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) for Banwari Enterprises Pvt. Ltd.
The Committee of Creditors (CoC) comprised only one member, Drip Capital Inc.
The resolution plan was submitted by the consortium of Mr. Kailash Thanmal Shah & M/s. Nova Dyestuff Industries Pvt. Ltd.
The resolution plan proposed a total outlay of INR 15,00,000, with INR 5,00,000 allocated for CIRP costs and INR 10,00,000 for unsecured financial creditors.
The Tribunal noted discrepancies in the company's financials, including fictitious entries and uncollected export receivables.
…CIRP initiated…
Applicant/IRP issued…