The case pertains to the Corporate Insolvency Resolution Process (CIRP) of AGP Steels Private Limited. The Resolution Professional (RP) sought acceptance of the resolution plan, which was approved by the Committee of Creditors (CoC) representing 100% share of the Committee of Creditors voting in favour of the resolution. The NCLT, Hyderabad, was approached for directions for completion of the Insolvency Resolution Process of the Corporate Debtor. The financial creditor agreed to a haircut on the amount payable as part of the resolution process, accepting Rs.265.70 lacs against Rs.287.47 lacs outstanding.
AGP Steels Private Limited underwent Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) sought approval for a resolution plan accepted by the Committee of Creditors (CoC). The financial creditor agreed to accept Rs.265.70 lacs against an outstanding amount of Rs.287.47 lacs. The Corporate Debtor paid Rs.13,28,500 on 04.04.2018 and was prepared to pay Rs.86,71,500 upon approval of the resolution plan. Mr. Prasanna Khandre proposed to infuse Rs.25 lacs into the Corporate Debtor. The CoC unanimously approved the resolution plan on 28.05.2018. The resolution plan included provisions for payment of insolvency resolution process costs and repayment of debts to operational creditors. The Corporate Debtor's turnover for the financial year 2017-18
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The case pertains to the Corporate Insolvency Resolution Process (CIRP) of AGP Steels Private Limited. The Resolution Professional (RP) sought acceptance of the resolution plan, which was approved by the Committee of Creditors (CoC) representing 100% share of the Committee of Creditors voting in favour of the resolution. The NCLT, Hyderabad, was approached for directions for completion of the Insolvency Resolution Process of the Corporate Debtor. The financial creditor agreed to a haircut on the amount payable as part of the resolution process, accepting Rs.265.70 lacs against Rs.287.47 lacs outstanding.
AGP Steels Private Limited underwent Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) sought approval for a resolution plan accepted by the Committee of Creditors (CoC). The financial creditor agreed to accept Rs.265.70 lacs against an outstanding amount of Rs.287.47 lacs. The Corporate Debtor paid Rs.13,28,500 on 04.04.2018 and was prepared to pay Rs.86,71,500 upon approval of the resolution plan. Mr. Prasanna Khandre proposed to infuse Rs.25 lacs into the Corporate Debtor. The CoC unanimously approved the resolution plan on 28.05.2018. The resolution plan included provisions for payment of insolvency resolution process costs and repayment of debts to operational creditors. The Corporate Debtor's turnover for the financial year 2017-18
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The Corporate Debtor…