The case pertains to an application filed by the Resolution Professional under Sections 30(6) and 31 of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan as approved by the Committee of Creditors (CoC) for Aristo Texcon Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated after the company was unable to pay its debts to financial creditors, amounting to Rs. 29,00,00,000/-. The CIRP was initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016.
Aristo Texcon Private Limited faced financial difficulties and was unable to pay its debts to financial creditors, amounting to Rs. 29,00,00,000/-. Consequently, an application was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority admitted the company into CIRP and issued a moratorium under Section 14. Mr. Ram Ratan Modi was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Ms. Mamta Binani as the Resolution Professional (RP). The RP prepared an Information Memorandum and invited resolution plans. Four resolution plans were received, and the CoC approved the plan submitted by M/s Jagannath Financial Advisory Private
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The Adjudicating Authority admitted the…
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The case pertains to an application filed by the Resolution Professional under Sections 30(6) and 31 of the Insolvency & Bankruptcy Code, 2016, seeking approval of the Resolution Plan as approved by the Committee of Creditors (CoC) for Aristo Texcon Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated after the company was unable to pay its debts to financial creditors, amounting to Rs. 29,00,00,000/-. The CIRP was initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016.
Aristo Texcon Private Limited faced financial difficulties and was unable to pay its debts to financial creditors, amounting to Rs. 29,00,00,000/-. Consequently, an application was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority admitted the company into CIRP and issued a moratorium under Section 14. Mr. Ram Ratan Modi was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Ms. Mamta Binani as the Resolution Professional (RP). The RP prepared an Information Memorandum and invited resolution plans. Four resolution plans were received, and the CoC approved the plan submitted by M/s Jagannath Financial Advisory Private
…The Adjudicating Authority admitted the…
In the first meeting of the Committee of…