The case involves an application (I.A. No. 265 of 2020 in C.P. (IB) No.227/BB/2019) filed by Mr. V.S. Varun, the Resolution Professional (RP) of Aradhya Steel Private Limited, seeking approval of a resolution plan under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39 (4) of the CIRP Regulations, 2016, and Rule 11 of the NCLT Rules. The Corporate Insolvency Resolution Process (CIRP) was initiated against Aradhya Steel Private Limited based on an application filed by Peddington Chemical Industries (India) under Section 9 of the IBC. The RP was appointed, and a moratorium was imposed. The RP invited claims from creditors, constituted a Committee of Creditors (CoC), and sought expressions of interest for resolution plans. The CoC
…Peddington Chemical Industries (India) initiated CIRP against Aradhya Steel Private Limited under Section 9 of IBC. V.S. Varun was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made on 2019-09-19 inviting claims from creditors. The RP constituted a Committee of Creditors (CoC) comprising eight financial creditors. The RP sought expressions of interest (EOI) and received two plans initially, which were rejected. A second round of EOIs was conducted. The CoC approved a resolution plan submitted by Bansal Wire Industries Limited with 79% voting share. The resolution plan was dated 2020-07-10, amended on 2020-07-10. The fair value of the corporate debtor was assessed at Rs. 82.12
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CIRP initiated against Aradhya Steel Private…
Public announcement…
The case involves an application (I.A. No. 265 of 2020 in C.P. (IB) No.227/BB/2019) filed by Mr. V.S. Varun, the Resolution Professional (RP) of Aradhya Steel Private Limited, seeking approval of a resolution plan under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 39 (4) of the CIRP Regulations, 2016, and Rule 11 of the NCLT Rules. The Corporate Insolvency Resolution Process (CIRP) was initiated against Aradhya Steel Private Limited based on an application filed by Peddington Chemical Industries (India) under Section 9 of the IBC. The RP was appointed, and a moratorium was imposed. The RP invited claims from creditors, constituted a Committee of Creditors (CoC), and sought expressions of interest for resolution plans. The CoC
…Peddington Chemical Industries (India) initiated CIRP against Aradhya Steel Private Limited under Section 9 of IBC. V.S. Varun was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcement was made on 2019-09-19 inviting claims from creditors. The RP constituted a Committee of Creditors (CoC) comprising eight financial creditors. The RP sought expressions of interest (EOI) and received two plans initially, which were rejected. A second round of EOIs was conducted. The CoC approved a resolution plan submitted by Bansal Wire Industries Limited with 79% voting share. The resolution plan was dated 2020-07-10, amended on 2020-07-10. The fair value of the corporate debtor was assessed at Rs. 82.12
…CIRP initiated against Aradhya Steel Private…
Public announcement…