The case involves an application (MA/06/2020) filed by the Resolution Professional, V. Balakrishnan, of the Corporate Debtor, Tebma Shipyard Limited, under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the Resolution Plan submitted by Cochin Shipyard Limited. An earlier application under Section 9 of IBC, 2016, was filed by Jotun India Private Limited against Tebma Shipyard, which led to the initiation of the Corporate Insolvency Resolution Process (CIRP) and the appointment of N. Kumar as the Interim Resolution Professional (IRP).
M/s. Tebma Shipyard Limited faced insolvency proceedings initiated by Jotun India Private Limited under Section 9 of the IBC, 2016. The Corporate Insolvency Resolution Process (CIRP) commenced, and Mr. N. Kumar was appointed as the Interim Resolution Professional (IRP). Balakrishnan Venkatachalam was later appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, with the State Bank of India holding the largest voting share (56.31%). The CIRP period was extended multiple times. Cochin Shipyard Limited submitted a Resolution Plan, which was approved by the CoC with 95.49% voting share. The Resolution Plan included provisions for the treatment of 'Excluded Ships' and proposed a payment of Rs. 65 Crores to stakeholders. The Resolution
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The case involves an application (MA/06/2020) filed by the Resolution Professional, V. Balakrishnan, of the Corporate Debtor, Tebma Shipyard Limited, under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the Resolution Plan submitted by Cochin Shipyard Limited. An earlier application under Section 9 of IBC, 2016, was filed by Jotun India Private Limited against Tebma Shipyard, which led to the initiation of the Corporate Insolvency Resolution Process (CIRP) and the appointment of N. Kumar as the Interim Resolution Professional (IRP).
M/s. Tebma Shipyard Limited faced insolvency proceedings initiated by Jotun India Private Limited under Section 9 of the IBC, 2016. The Corporate Insolvency Resolution Process (CIRP) commenced, and Mr. N. Kumar was appointed as the Interim Resolution Professional (IRP). Balakrishnan Venkatachalam was later appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, with the State Bank of India holding the largest voting share (56.31%). The CIRP period was extended multiple times. Cochin Shipyard Limited submitted a Resolution Plan, which was approved by the CoC with 95.49% voting share. The Resolution Plan included provisions for the treatment of 'Excluded Ships' and proposed a payment of Rs. 65 Crores to stakeholders. The Resolution
…Authority admitted application under Section…
First Commit…