State Bank of India filed CP(IB) No. 593/KB/2017 under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Coastal Projects Limited. The application was admitted on January 5, 2018, and an Interim Resolution Professional (IRP) was appointed. Public announcements were made to invite prospective resolution applicants. Only one resolution plan was submitted by Mantena Engitec Private Limited. The resolution plan underwent negotiations and deliberations, and a revised plan was submitted on September 7, 2018. The Committee of Creditors (CoC) did not approve the plan, with 88.04% voting against it and only 11.96% voting in favor. The extended period of CIRP expired on October 1, 2018.
State Bank of India initiated Corporate Insolvency Resolution Process (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 (IRP). A public announcement was made, inviting resolution plans. Mantena Engitec Private Limited submitted the only resolution plan. The Committee of Creditors (CoC) convened meetings to negotiate the resolution plan. A revised resolution plan was submitted on September 7, 2018. The CoC rejected the resolution plan on September 26, 2018, with 88.04% voting against and 11.96% voting in favor. The rejection was primarily due to disagreements over a performance bank
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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 under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Coastal Projects Limited. The application was admitted on January 5, 2018, and an Interim Resolution Professional (IRP) was appointed. Public announcements were made to invite prospective resolution applicants. Only one resolution plan was submitted by Mantena Engitec Private Limited. The resolution plan underwent negotiations and deliberations, and a revised plan was submitted on September 7, 2018. The Committee of Creditors (CoC) did not approve the plan, with 88.04% voting against it and only 11.96% voting in favor. The extended period of CIRP expired on October 1, 2018.
State Bank of India initiated Corporate Insolvency Resolution Process (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 (IRP). A public announcement was made, inviting resolution plans. Mantena Engitec Private Limited submitted the only resolution plan. The Committee of Creditors (CoC) convened meetings to negotiate the resolution plan. A revised resolution plan was submitted on September 7, 2018. The CoC rejected the resolution plan on September 26, 2018, with 88.04% voting against and 11.96% voting in favor. The rejection was primarily due to disagreements over a performance bank
…State Bank of India filed CP(IB) No.…
The application was admitted, and Mr. Ravi…