The case involves an application under Section 33(1) of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) informed the Adjudicating Authority that the sole resolution applicant withdrew their application. The resolution plan was not approved by the Committee of Creditors (COC), with Punjab National Bank (PNB), the largest claimant with 66.36% voting power, rejecting it. Another financial claimant, Venture Capital Funds Ltd., was keen on a resolution plan.
An application was filed under Section 33(1) of the IBC. The sole resolution applicant, Smile Internet Services LLP, withdrew their application. The resolution plan was not approved by the COC, with PNB, the largest claimant holding 66.36% voting power, rejecting it. Venture Capital Funds Ltd. was interested in a resolution plan. The 13th COC meeting minutes, dated June 22, 2018, show that liquidation was discussed. Another application, CA 261/2018, was filed under Section 60(2) of the Code. The RP, Mr. Arvind Garg, supported the application for liquidation. The relevance of PNB's rejection is that it held the majority voting power, making the resolution plan unviable without their approval.
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The 13th meeting of the COC was held, during…
Hearing before the New…
The case involves an application under Section 33(1) of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional (RP) informed the Adjudicating Authority that the sole resolution applicant withdrew their application. The resolution plan was not approved by the Committee of Creditors (COC), with Punjab National Bank (PNB), the largest claimant with 66.36% voting power, rejecting it. Another financial claimant, Venture Capital Funds Ltd., was keen on a resolution plan.
An application was filed under Section 33(1) of the IBC. The sole resolution applicant, Smile Internet Services LLP, withdrew their application. The resolution plan was not approved by the COC, with PNB, the largest claimant holding 66.36% voting power, rejecting it. Venture Capital Funds Ltd. was interested in a resolution plan. The 13th COC meeting minutes, dated June 22, 2018, show that liquidation was discussed. Another application, CA 261/2018, was filed under Section 60(2) of the Code. The RP, Mr. Arvind Garg, supported the application for liquidation. The relevance of PNB's rejection is that it held the majority voting power, making the resolution plan unviable without their approval.
The 13th meeting of the COC was held, during…
Hearing before the New…