The case involves corporate insolvency resolution process (CIRP) initiated against Clutch Auto Limited. The CIRP was triggered by an application filed by the Corporate Debtor itself under Section 10 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional was initially appointed, later replaced by Mr. Sandeep Kumar Gupta. The Committee of Creditors (CoC) was formed and approved by the Adjudicating Authority (NCLT). Two valuers were initially appointed to assess the liquidation value of the Corporate Debtor's assets, resulting in significantly different valuations. A third valuer was then appointed. The Resolution Applicant, Prometrik Engineering Limited, submitted a resolution plan which was ultimately rejected by the CoC.
Clutch Auto Limited initiated CIRP under Section 10 of the IBC. The Tribunal admitted the case on 2017-04-10. An Interim Resolution Professional was appointed but later replaced by Sandeep Kumar Gupta. The liquidation value of the Corporate Debtor's assets was assessed by multiple valuers, with varying results (Rs. 48 crores, Rs. 74 crores, and Rs. 44.24 crores). The total debt owed by the Corporate Debtor was approximately Rs. 477 crores. Prometrik Engineering Limited submitted a resolution plan with three proposals, including taking over the business with or without land in Bhiwadi and Faridabad. The CoC advised Prometrik to revise its offer. Prometrik increased the offer, subject to conditions regarding the Faridabad land being free from encumbrances. The CoC
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The Tribunal admitted…
Sandeep Kumar Gupta was…
The case involves corporate insolvency resolution process (CIRP) initiated against Clutch Auto Limited. The CIRP was triggered by an application filed by the Corporate Debtor itself under Section 10 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional was initially appointed, later replaced by Mr. Sandeep Kumar Gupta. The Committee of Creditors (CoC) was formed and approved by the Adjudicating Authority (NCLT). Two valuers were initially appointed to assess the liquidation value of the Corporate Debtor's assets, resulting in significantly different valuations. A third valuer was then appointed. The Resolution Applicant, Prometrik Engineering Limited, submitted a resolution plan which was ultimately rejected by the CoC.
Clutch Auto Limited initiated CIRP under Section 10 of the IBC. The Tribunal admitted the case on 2017-04-10. An Interim Resolution Professional was appointed but later replaced by Sandeep Kumar Gupta. The liquidation value of the Corporate Debtor's assets was assessed by multiple valuers, with varying results (Rs. 48 crores, Rs. 74 crores, and Rs. 44.24 crores). The total debt owed by the Corporate Debtor was approximately Rs. 477 crores. Prometrik Engineering Limited submitted a resolution plan with three proposals, including taking over the business with or without land in Bhiwadi and Faridabad. The CoC advised Prometrik to revise its offer. Prometrik increased the offer, subject to conditions regarding the Faridabad land being free from encumbrances. The CoC
…The Tribunal admitted…
Sandeep Kumar Gupta was…