The case involves two applications, IA (IB) 932/KB/2020 filed by Sargam Vision Private Limited, a Resolution Applicant (RA), seeking direction upon the Resolution Professional (RP) to conduct revaluation of Divine Alloys & Power Co Ltd, the Corporate Debtor, and IA (IB) 136/KB/2020 filed by the RP for liquidation of the Corporate Debtor due to the Committee of Creditors (CoC) not approving any Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor on 07.03.2019. The RA submitted multiple enhanced offers, but the CoC repeatedly requested further increases. The CoC ultimately decided to liquidate the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Divine Alloys & Power Co Ltd on 07.03.2019. Sargam Vision Private Limited, a Resolution Applicant (RA), sought a revaluation of the Corporate Debtor's assets, arguing that the COVID-19 pandemic had negatively impacted the market. The RA submitted multiple resolution plans, but the Committee of Creditors (CoC) repeatedly requested higher offers. The final offer submitted by the RA before the CoC on 19.03.2020 was ₹102 crore. The CoC ultimately decided to liquidate the Corporate Debtor, with 97.21% of the voting share in favor of liquidation. The Resolution Professional (RP) then filed an application for liquidation. The 180-day CIRP period had expired, and no resolution plan was in sight. The
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The case involves two applications, IA (IB) 932/KB/2020 filed by Sargam Vision Private Limited, a Resolution Applicant (RA), seeking direction upon the Resolution Professional (RP) to conduct revaluation of Divine Alloys & Power Co Ltd, the Corporate Debtor, and IA (IB) 136/KB/2020 filed by the RP for liquidation of the Corporate Debtor due to the Committee of Creditors (CoC) not approving any Resolution Plan. The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor on 07.03.2019. The RA submitted multiple enhanced offers, but the CoC repeatedly requested further increases. The CoC ultimately decided to liquidate the Corporate Debtor.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Divine Alloys & Power Co Ltd on 07.03.2019. Sargam Vision Private Limited, a Resolution Applicant (RA), sought a revaluation of the Corporate Debtor's assets, arguing that the COVID-19 pandemic had negatively impacted the market. The RA submitted multiple resolution plans, but the Committee of Creditors (CoC) repeatedly requested higher offers. The final offer submitted by the RA before the CoC on 19.03.2020 was ₹102 crore. The CoC ultimately decided to liquidate the Corporate Debtor, with 97.21% of the voting share in favor of liquidation. The Resolution Professional (RP) then filed an application for liquidation. The 180-day CIRP period had expired, and no resolution plan was in sight. The
…The Adjudicating Authority directed the…
The Adjudicating Authority approved the…