The case pertains to a Miscellaneous Application filed by the Resolution Professional (RP) of Cyclo Transmission Limited, the Corporate Debtor, for approval of a Resolution Plan submitted by Rotomotive Powerdrives India Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-12-18. The RP was appointed as the Interim Resolution Professional (IRP) and made a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was constituted, with IDBI Bank Limited holding 86.48% of the voting share and Abhyudhaya Co-op. Bank Limited holding 13.52%. Several meetings of the CoC were held to invite Expressions of Interest (EOI) and evaluate resolution plans. An earlier resolution plan submitted by Aniruddha Ghole was withdrawn due
…The Corporate Insolvency Resolution Process (CIRP) of Cyclo Transmission Limited was initiated on 2018-12-18. Mr. Vijendra Kumar Jain was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, with IDBI Bank Limited holding 86.48% and Abhyudhaya Co-op. Bank Limited holding 13.52% of the voting share. Several attempts were made to find a suitable resolution applicant. An earlier resolution plan submitted by Mr. Aniruddha Ghole was withdrawn due to his failure to furnish a bank guarantee. Rotomotive Powerdrives India Limited submitted a Resolution Plan, which was approved by the CoC with a 100% majority. The total financial outlay in the Resolution Plan is Rs.11 Crores. The Resolution Plan includes provisions for payment towards CIRP
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The Corporate Insolvency Resolution Process…
The Interim Resolution Professional (IRP) made a…
The case pertains to a Miscellaneous Application filed by the Resolution Professional (RP) of Cyclo Transmission Limited, the Corporate Debtor, for approval of a Resolution Plan submitted by Rotomotive Powerdrives India Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2018-12-18. The RP was appointed as the Interim Resolution Professional (IRP) and made a public announcement inviting claims from creditors. The Committee of Creditors (CoC) was constituted, with IDBI Bank Limited holding 86.48% of the voting share and Abhyudhaya Co-op. Bank Limited holding 13.52%. Several meetings of the CoC were held to invite Expressions of Interest (EOI) and evaluate resolution plans. An earlier resolution plan submitted by Aniruddha Ghole was withdrawn due
…The Corporate Insolvency Resolution Process (CIRP) of Cyclo Transmission Limited was initiated on 2018-12-18. Mr. Vijendra Kumar Jain was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, with IDBI Bank Limited holding 86.48% and Abhyudhaya Co-op. Bank Limited holding 13.52% of the voting share. Several attempts were made to find a suitable resolution applicant. An earlier resolution plan submitted by Mr. Aniruddha Ghole was withdrawn due to his failure to furnish a bank guarantee. Rotomotive Powerdrives India Limited submitted a Resolution Plan, which was approved by the CoC with a 100% majority. The total financial outlay in the Resolution Plan is Rs.11 Crores. The Resolution Plan includes provisions for payment towards CIRP
…The Corporate Insolvency Resolution Process…
The Interim Resolution Professional (IRP) made a…