State Bank of India filed CP(IB) No. 593/KB/2017 to initiate Corporate Insolvency Resolution Process (CIRP) against Coastal Projects Limited. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite prospective resolution applicants. Only one resolution plan was submitted by Mantena Engitec Private Limited. The resolution plan underwent negotiations and deliberations, but the Committee of Creditors (CoC) did not approve it, with 88.04% voting against it. Several applications were filed during the CIRP period, including those by operational creditors claiming non-admission of their claims and by the resolution applicant seeking reconsideration of the plan.
State Bank of India initiated CIRP against Coastal Projects Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on January 5, 2018, and Mr. Ravi Sankar Devarakonda was appointed as the Interim Resolution Professional. A public announcement was made, and only one resolution plan was received from Mantena Engitec Private Limited. The resolution plan was placed before the Committee of Creditors (CoC) but was not approved, with 88.04% of the members voting against it. The extended period of CIRP expired on October 1, 2018. Several applications were filed, including those by operational creditors and the resolution applicant seeking reconsideration of the plan. The CoC decided to proceed with liquidation. The Resolution
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State Bank of India filed CP(IB) No.…
The application was admitted, and Mr. Ravi…
State Bank of India filed CP(IB) No. 593/KB/2017 to initiate Corporate Insolvency Resolution Process (CIRP) against Coastal Projects Limited. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite prospective resolution applicants. Only one resolution plan was submitted by Mantena Engitec Private Limited. The resolution plan underwent negotiations and deliberations, but the Committee of Creditors (CoC) did not approve it, with 88.04% voting against it. Several applications were filed during the CIRP period, including those by operational creditors claiming non-admission of their claims and by the resolution applicant seeking reconsideration of the plan.
State Bank of India initiated CIRP against Coastal Projects Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on January 5, 2018, and Mr. Ravi Sankar Devarakonda was appointed as the Interim Resolution Professional. A public announcement was made, and only one resolution plan was received from Mantena Engitec Private Limited. The resolution plan was placed before the Committee of Creditors (CoC) but was not approved, with 88.04% of the members voting against it. The extended period of CIRP expired on October 1, 2018. Several applications were filed, including those by operational creditors and the resolution applicant seeking reconsideration of the plan. The CoC decided to proceed with liquidation. The Resolution
…State Bank of India filed CP(IB) No.…
The application was admitted, and Mr. Ravi…