The case involves an application filed under section 10 of the Insolvency & Bankruptcy Code, 2016, seeking an order to protect the livelihood of the petitioner, Burn Standard Company Ltd. The company had initially approached the Board of Industrial and Financial Reconstruction (BIFR) in 1994 and was declared a sick company in 1995. Following the enactment of the Insolvency & Bankruptcy Code in 2016, Burn Standard Co. Ltd. filed an application for initiating corporate insolvency resolution process. The resolution plan proposed involved closing the corporate debtor by discharging its debts to all stakeholders, including staff and workmen, based on a budgetary allocation of funds by the Ministry of Railways.
Burn Standard Company Ltd., a public limited company under the Ministry of Railways, faced financial difficulties and was referred to BIFR in 1994, being declared a sick company in 1995. With the introduction of the Insolvency & Bankruptcy Code in 2016, the company initiated corporate insolvency resolution process. Partha Kamal Sen was appointed as the Resolution Professional. The resolution plan proposed the closure of the company by repaying debts to stakeholders, supported by a budgetary allocation from the Ministry of Railways. The Committee of Creditors (CoC) approved the resolution plan with a 100% voting share. Objections were raised by ex-employees regarding unpaid pay revision arrears and by an intervener, Industrial Services, concerning a money suit filed
…Sign in to view the parties.
Burn Standard Co. Ltd. approached the Board of…
BIFR declared Burn…
The case involves an application filed under section 10 of the Insolvency & Bankruptcy Code, 2016, seeking an order to protect the livelihood of the petitioner, Burn Standard Company Ltd. The company had initially approached the Board of Industrial and Financial Reconstruction (BIFR) in 1994 and was declared a sick company in 1995. Following the enactment of the Insolvency & Bankruptcy Code in 2016, Burn Standard Co. Ltd. filed an application for initiating corporate insolvency resolution process. The resolution plan proposed involved closing the corporate debtor by discharging its debts to all stakeholders, including staff and workmen, based on a budgetary allocation of funds by the Ministry of Railways.
Burn Standard Company Ltd., a public limited company under the Ministry of Railways, faced financial difficulties and was referred to BIFR in 1994, being declared a sick company in 1995. With the introduction of the Insolvency & Bankruptcy Code in 2016, the company initiated corporate insolvency resolution process. Partha Kamal Sen was appointed as the Resolution Professional. The resolution plan proposed the closure of the company by repaying debts to stakeholders, supported by a budgetary allocation from the Ministry of Railways. The Committee of Creditors (CoC) approved the resolution plan with a 100% voting share. Objections were raised by ex-employees regarding unpaid pay revision arrears and by an intervener, Industrial Services, concerning a money suit filed
…Burn Standard Co. Ltd. approached the Board of…
BIFR declared Burn…