Oriental Bank of Commerce (now Punjab National Bank) initiated Corporate Insolvency Resolution Process (CIRP) against Atlantic Projects Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application for approval of the resolution plan was filed under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016 read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Oriental Bank of Commerce (now Punjab National Bank) initiated CIRP against Atlantic Projects Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Anil Anchalia was appointed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, comprising Oriental Bank of Commerce, Allahabad Bank, and UCO Bank. Several CoC meetings were held to discuss and evaluate resolution plans. Krishna Infosolutions Private Limited submitted a resolution plan, which was revised and modified multiple times based on CoC feedback. The final resolution plan was approved by the CoC with 81.14% voting share. The RP filed an application with the NCLT for approval of the
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The underlying Company Petition in C.P. (IB)…
The Company Petition in C.P. (IB) No.…
Oriental Bank of Commerce (now Punjab National Bank) initiated Corporate Insolvency Resolution Process (CIRP) against Atlantic Projects Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application for approval of the resolution plan was filed under section 30(6) and section 31(1) of the Insolvency & Bankruptcy Code, 2016 read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
Oriental Bank of Commerce (now Punjab National Bank) initiated CIRP against Atlantic Projects Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated, and Mr. Anil Anchalia was appointed as the Resolution Professional (RP). Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was constituted, comprising Oriental Bank of Commerce, Allahabad Bank, and UCO Bank. Several CoC meetings were held to discuss and evaluate resolution plans. Krishna Infosolutions Private Limited submitted a resolution plan, which was revised and modified multiple times based on CoC feedback. The final resolution plan was approved by the CoC with 81.14% voting share. The RP filed an application with the NCLT for approval of the
…The underlying Company Petition in C.P. (IB)…
The Company Petition in C.P. (IB) No.…