The case pertains to the Corporate Insolvency Resolution Process (CIRP) of AGP Steels Private Limited. The Resolution Professional (RP) sought acceptance of a resolution plan approved by the Committee of Creditors (CoC). The CIRP was initiated, and after discussions, the financial creditor agreed to a haircut on the outstanding loan. The CoC, representing 100% of the creditors, approved the resolution plan. The resolution plan involved an upfront payment and subsequent payments over a period, with certain conditions regarding interest. The corporate debtor had made an initial payment and was ready with the balance payment. The resolution applicant, Mr. Prasanna Khandre, proposed to infuse funds into the corporate debtor.
AGP Steels Private Limited underwent Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP), B. Naga Bhushan, sought approval for a resolution plan. The Committee of Creditors (CoC), representing 100% of the creditors, approved the plan. The financial creditor agreed to accept Rs.265.70 lacs against an outstanding amount of Rs.287.47 lacs, which included unapplied interest of Rs.63.56 lacs as on 21.09.2017. The financial creditor also waived interest and bank charges amounting to Rs.42.05 lacs. The payment terms included an upfront payment of Rs.13,28,500/-, Rs.86,71,500/- within one month, and the balance within nine months. The corporate debtor paid Rs.13,28,500/- on 04.04.2018. Mr. Prasanna Khadre proposed to infuse Rs.25 lacs into the
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Corporate Insolvency Resolution Process…
Corporate Debt…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of AGP Steels Private Limited. The Resolution Professional (RP) sought acceptance of a resolution plan approved by the Committee of Creditors (CoC). The CIRP was initiated, and after discussions, the financial creditor agreed to a haircut on the outstanding loan. The CoC, representing 100% of the creditors, approved the resolution plan. The resolution plan involved an upfront payment and subsequent payments over a period, with certain conditions regarding interest. The corporate debtor had made an initial payment and was ready with the balance payment. The resolution applicant, Mr. Prasanna Khandre, proposed to infuse funds into the corporate debtor.
AGP Steels Private Limited underwent Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP), B. Naga Bhushan, sought approval for a resolution plan. The Committee of Creditors (CoC), representing 100% of the creditors, approved the plan. The financial creditor agreed to accept Rs.265.70 lacs against an outstanding amount of Rs.287.47 lacs, which included unapplied interest of Rs.63.56 lacs as on 21.09.2017. The financial creditor also waived interest and bank charges amounting to Rs.42.05 lacs. The payment terms included an upfront payment of Rs.13,28,500/-, Rs.86,71,500/- within one month, and the balance within nine months. The corporate debtor paid Rs.13,28,500/- on 04.04.2018. Mr. Prasanna Khadre proposed to infuse Rs.25 lacs into the
…Corporate Insolvency Resolution Process…
Corporate Debt…