The case involves a resolution plan for M/s. Diamond Engineering (Chennai) Private Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated after CP/507/IB/2017 was filed by the Operational Creditor, M/s. Shah Brothers Ispat Private Limited. The Resolution Professional invited bids for resolution plans, but none reached the final stage. Amendments to the I&B Code regarding promoters and MSMEs led to the corporate debtor being declared an MSME, allowing the promoters to file a resolution plan. The CoC rejected the plan multiple times. The CoC was directed to identify a resourceful Financial Sponsor. A resolution plan was approved by the CoC with 100% voting share.
M/s. Diamond Engineering (Chennai) Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Shah Brothers Ispat Private Limited. The Resolution Professional (RP) invited bids for resolution plans, but none were finalized. The Corporate Debtor was declared an MSME, allowing the promoters to submit a resolution plan. The CoC rejected the plan multiple times before approving a plan supported by Anacap Financial Partners LLP, UK, with 100% voting share. The resolution plan addresses settlement of dues to financial creditors, operational creditors, and statutory authorities. The plan includes a one-time settlement (OTS) offered to State Bank of India (SBI), the lead member of the CoC with 78% voting share. The plan also seeks concessions,
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CP/507/IB/2017 filed by the Operational…
This Bench vide Order dated 09.11.2018 passed…
The case involves a resolution plan for M/s. Diamond Engineering (Chennai) Private Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated after CP/507/IB/2017 was filed by the Operational Creditor, M/s. Shah Brothers Ispat Private Limited. The Resolution Professional invited bids for resolution plans, but none reached the final stage. Amendments to the I&B Code regarding promoters and MSMEs led to the corporate debtor being declared an MSME, allowing the promoters to file a resolution plan. The CoC rejected the plan multiple times. The CoC was directed to identify a resourceful Financial Sponsor. A resolution plan was approved by the CoC with 100% voting share.
M/s. Diamond Engineering (Chennai) Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Shah Brothers Ispat Private Limited. The Resolution Professional (RP) invited bids for resolution plans, but none were finalized. The Corporate Debtor was declared an MSME, allowing the promoters to submit a resolution plan. The CoC rejected the plan multiple times before approving a plan supported by Anacap Financial Partners LLP, UK, with 100% voting share. The resolution plan addresses settlement of dues to financial creditors, operational creditors, and statutory authorities. The plan includes a one-time settlement (OTS) offered to State Bank of India (SBI), the lead member of the CoC with 78% voting share. The plan also seeks concessions,
…CP/507/IB/2017 filed by the Operational…
This Bench vide Order dated 09.11.2018 passed…