The case involves an application filed by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Divyajyoti Sponge Iron Ltd. The application was admitted on August 23, 2017, and Mr. Arun Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The 180-day period for submitting a resolution plan expired on February 19, 2018, and the RP submitted the plan in time. The Committee of Creditors (CoC) approved a resolution plan submitted by CP Ispat Private Limited with 100% voting share. Other resolution applicants, including Omkara Infraprojects Private Limited and Prakash Jain of Simplex Credits and Industries Ltd,
…Punjab National Bank initiated CIRP against Divyajyoti Sponge Iron Ltd. under Section 7 of the IBC. The application was admitted on August 23, 2017. Arun Kumar Gupta was appointed as IRP and later as RP. The 180-day period for submitting a resolution plan expired on February 19, 2018. The RP submitted the plan in time. The CoC approved a resolution plan submitted by CP Ispat Private Limited with 100% voting share on February 14, 2018. Other resolution applicants, including Omkara Infraprojects Private Limited and Prakash Jain of Simplex Credits and Industries Ltd, raised objections. Omkara Infraprojects alleged irregularities by the RP, including violating confidentiality and disclosing bid amounts. Prakash Jain objected to the rejection of his expression of interest,
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Application filed by…
Arun Kumar Gupta…
The case involves an application filed by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Divyajyoti Sponge Iron Ltd. The application was admitted on August 23, 2017, and Mr. Arun Kumar Gupta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The 180-day period for submitting a resolution plan expired on February 19, 2018, and the RP submitted the plan in time. The Committee of Creditors (CoC) approved a resolution plan submitted by CP Ispat Private Limited with 100% voting share. Other resolution applicants, including Omkara Infraprojects Private Limited and Prakash Jain of Simplex Credits and Industries Ltd,
…Punjab National Bank initiated CIRP against Divyajyoti Sponge Iron Ltd. under Section 7 of the IBC. The application was admitted on August 23, 2017. Arun Kumar Gupta was appointed as IRP and later as RP. The 180-day period for submitting a resolution plan expired on February 19, 2018. The RP submitted the plan in time. The CoC approved a resolution plan submitted by CP Ispat Private Limited with 100% voting share on February 14, 2018. Other resolution applicants, including Omkara Infraprojects Private Limited and Prakash Jain of Simplex Credits and Industries Ltd, raised objections. Omkara Infraprojects alleged irregularities by the RP, including violating confidentiality and disclosing bid amounts. Prakash Jain objected to the rejection of his expression of interest,
…Application filed by…
Arun Kumar Gupta…