The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Ashika Commercial Private Limited. The CIRP was initiated after the Corporate Debtor defaulted on financial debt of Rs. 71,30,560. Mr. Manish Jain was appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Rajesh Kumar Agarwal. The Resolution Professional (RP) invited resolution plans, and after several rounds of bidding, Mr. Sanwarmal Jain was declared the successful resolution applicant. The resolution plan was approved by the Committee of Creditors (CoC) with 100% voting share.
Ashika Commercial Private Limited (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on August 22, 2019, due to defaulting on a financial debt of Rs. 71,30,560. Manish Jain was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Rajesh Kumar Agarwal. The Resolution Professional (RP), Rajesh Kumar Agarwal, invited Expressions of Interest (EOI) and received four applications. The RP invited these applicants to submit resolution plans. Two resolution plans were received and discussed with the Committee of Creditors (CoC). Sanwarmal Jain was declared the H1 bidder after multiple rounds of outbidding. The resolution plan of Sanwarmal Jain was put to vote and passed with 100% value of votes. A Letter of
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Ashika Commercial Private Limited was…
Mr. Manish Jain, the Interim Resolution…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Ashika Commercial Private Limited. The CIRP was initiated after the Corporate Debtor defaulted on financial debt of Rs. 71,30,560. Mr. Manish Jain was appointed as the Interim Resolution Professional (IRP) and later replaced by Mr. Rajesh Kumar Agarwal. The Resolution Professional (RP) invited resolution plans, and after several rounds of bidding, Mr. Sanwarmal Jain was declared the successful resolution applicant. The resolution plan was approved by the Committee of Creditors (CoC) with 100% voting share.
Ashika Commercial Private Limited (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) on August 22, 2019, due to defaulting on a financial debt of Rs. 71,30,560. Manish Jain was initially appointed as the Interim Resolution Professional (IRP) and later replaced by Rajesh Kumar Agarwal. The Resolution Professional (RP), Rajesh Kumar Agarwal, invited Expressions of Interest (EOI) and received four applications. The RP invited these applicants to submit resolution plans. Two resolution plans were received and discussed with the Committee of Creditors (CoC). Sanwarmal Jain was declared the H1 bidder after multiple rounds of outbidding. The resolution plan of Sanwarmal Jain was put to vote and passed with 100% value of votes. A Letter of
…Ashika Commercial Private Limited was…
Mr. Manish Jain, the Interim Resolution…