The case pertains to the insolvency resolution of Sree Metaliks Limited under the Insolvency and Bankruptcy Code, 2016. An insolvency petition was filed, and a Resolution Professional, Shri Kuldeep Verma, was appointed. The Resolution Professional submitted a Resolution Plan under section 30(6) of the IBC, which was approved by the Committee of Creditors (CoC) with a majority vote of 78.53%. SREI Equipment Finance Limited, a financial creditor, raised objections to the Resolution Plan, primarily concerning the eligibility of the Corporate Debtor to submit a resolution plan, the classification of secured creditors, and the overall fairness and compliance of the plan with the IBC. The CoC considered the objections and the clarifications provided by the Resolution
…Sree Metaliks Limited (SML) underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). SREI Equipment Finance Limited, a financial creditor, filed objections to the resolution plan submitted by Mr. Mahesh Kumar Agarwal, a promoter of SML. The Committee of Creditors (CoC) approved the resolution plan with 78.53% voting share. SREI, being the second largest voting shareholder, opposed the plan. SREI contended that the corporate debtor cannot be the resolution applicant, the plan classifies secured creditors unfairly, and it lacks transparency. The resolution plan proposed a 50% haircut for Class B creditors, including SREI, while offering a 25% haircut for Class A creditors. SML entered into a Memorandum of
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SML entered into an MOU with two leading…
SML has entered into an MOU dated…
The case pertains to the insolvency resolution of Sree Metaliks Limited under the Insolvency and Bankruptcy Code, 2016. An insolvency petition was filed, and a Resolution Professional, Shri Kuldeep Verma, was appointed. The Resolution Professional submitted a Resolution Plan under section 30(6) of the IBC, which was approved by the Committee of Creditors (CoC) with a majority vote of 78.53%. SREI Equipment Finance Limited, a financial creditor, raised objections to the Resolution Plan, primarily concerning the eligibility of the Corporate Debtor to submit a resolution plan, the classification of secured creditors, and the overall fairness and compliance of the plan with the IBC. The CoC considered the objections and the clarifications provided by the Resolution
…Sree Metaliks Limited (SML) underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). SREI Equipment Finance Limited, a financial creditor, filed objections to the resolution plan submitted by Mr. Mahesh Kumar Agarwal, a promoter of SML. The Committee of Creditors (CoC) approved the resolution plan with 78.53% voting share. SREI, being the second largest voting shareholder, opposed the plan. SREI contended that the corporate debtor cannot be the resolution applicant, the plan classifies secured creditors unfairly, and it lacks transparency. The resolution plan proposed a 50% haircut for Class B creditors, including SREI, while offering a 25% haircut for Class A creditors. SML entered into a Memorandum of
…SML entered into an MOU with two leading…
SML has entered into an MOU dated…