Srei Infrastructure Finance Limited, as a Financial Creditor (FC), filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Assam Company India Limited. The petition was admitted, and CIRP was initiated against the Corporate Debtor (CD). An Interim Resolution Professional (IRP) was appointed to conduct CIRP. The IRP invited claims from creditors, and Srei Infrastructure Finance Limited lodged its claim. The Committee of Creditors (COC) was formed, and in its first meeting, the IRP decided to exclude penal interest for the purpose of determining voting rights. Later, the Resolution Professional (RP) sought to reduce the claim of the applicant, leading to the present
…Srei Infrastructure Finance Limited (SIFL) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Assam Company India Ltd (ACIL). The application was admitted on 2017-10-26, and an Interim Resolution Professional (IRP) was appointed. SIFL, as a financial creditor, submitted a claim of Rs. 648,80,93,833/- as of 2017-10-26, which included principal, interest, and penal interest. The IRP, in the first Committee of Creditors (COC) meeting, decided to exclude penal interest for determining voting rights. Subsequently, the Resolution Professional (RP) revised SIFL's claim to Rs. 241.27 crores, excluding compounded penal interest. SIFL challenged this revision, arguing that the RP
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The petition filed by Srei Infrastructure…
Shri V. Kothari was appointed as the Interim…
Srei Infrastructure Finance Limited, as a Financial Creditor (FC), filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Assam Company India Limited. The petition was admitted, and CIRP was initiated against the Corporate Debtor (CD). An Interim Resolution Professional (IRP) was appointed to conduct CIRP. The IRP invited claims from creditors, and Srei Infrastructure Finance Limited lodged its claim. The Committee of Creditors (COC) was formed, and in its first meeting, the IRP decided to exclude penal interest for the purpose of determining voting rights. Later, the Resolution Professional (RP) sought to reduce the claim of the applicant, leading to the present
…Srei Infrastructure Finance Limited (SIFL) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Assam Company India Ltd (ACIL). The application was admitted on 2017-10-26, and an Interim Resolution Professional (IRP) was appointed. SIFL, as a financial creditor, submitted a claim of Rs. 648,80,93,833/- as of 2017-10-26, which included principal, interest, and penal interest. The IRP, in the first Committee of Creditors (COC) meeting, decided to exclude penal interest for determining voting rights. Subsequently, the Resolution Professional (RP) revised SIFL's claim to Rs. 241.27 crores, excluding compounded penal interest. SIFL challenged this revision, arguing that the RP
…The petition filed by Srei Infrastructure…
Shri V. Kothari was appointed as the Interim…