The case pertains to the insolvency resolution of Sree Metaliks Limited (SML) under the Insolvency and Bankruptcy Code, 2016 (IBC). An insolvency petition was filed, and Shri Kuldeep Verma was appointed as the Resolution Professional (RP). The RP submitted a resolution plan under section 30(6) of the IBC, which was approved by the Committee of Creditors (CoC) with a 78.53% voting share. SREI Equipment Finance Limited, a financial creditor, raised objections to the plan, primarily concerning the eligibility of the corporate debtor to submit a resolution plan, the classification of secured creditors, and the lack of transparency in the plan. The CoC considered these objections and the RP's clarifications before approving the resolution plan.
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, raised objections to the resolution plan submitted by Mr. Mahesh Kumar Agarwal, the promoter of SML. The objections included: 1) A Corporate Debtor cannot be the resolution applicant under the IBC for its insolvency resolution. 2) A resolution plan that was rejected by CoC cannot be resubmitted for fresh consideration of COC. 3) The SML Plan sought to classify secured creditors in two classes on erroneous and illegal assumptions and presumptions in gross violation of the IBC. 4) The SML Plan classifies secured creditors by consortium arrangement in gross violation of the IBC. 5)
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CoC rejected the resolution plan submitted by…
The revised Resolution Plan dated 26th September…
The case pertains to the insolvency resolution of Sree Metaliks Limited (SML) under the Insolvency and Bankruptcy Code, 2016 (IBC). An insolvency petition was filed, and Shri Kuldeep Verma was appointed as the Resolution Professional (RP). The RP submitted a resolution plan under section 30(6) of the IBC, which was approved by the Committee of Creditors (CoC) with a 78.53% voting share. SREI Equipment Finance Limited, a financial creditor, raised objections to the plan, primarily concerning the eligibility of the corporate debtor to submit a resolution plan, the classification of secured creditors, and the lack of transparency in the plan. The CoC considered these objections and the RP's clarifications before approving the resolution plan.
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, raised objections to the resolution plan submitted by Mr. Mahesh Kumar Agarwal, the promoter of SML. The objections included: 1) A Corporate Debtor cannot be the resolution applicant under the IBC for its insolvency resolution. 2) A resolution plan that was rejected by CoC cannot be resubmitted for fresh consideration of COC. 3) The SML Plan sought to classify secured creditors in two classes on erroneous and illegal assumptions and presumptions in gross violation of the IBC. 4) The SML Plan classifies secured creditors by consortium arrangement in gross violation of the IBC. 5)
…CoC rejected the resolution plan submitted by…
The revised Resolution Plan dated 26th September…