The case involves multiple applications related to the Corporate Insolvency Resolution Process (CIRP) of EMC Ltd. CP(IB) No. 1237/KB/2018 was initiated by Beni Gopal Singhi, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2018-11-12, and Mr. Rakesh Kumar Agarwal was appointed as the Interim Resolution Professional, later replaced by Mr. Kannan Tiruvengadam. The CIRP process involved 9 meetings of the Committee of Creditors (CoC), leading to the approval of a Resolution Plan submitted by Almas Global Opportunity Fund SPC with a vote share of 80.18%. Several objections were raised against the approval of the Resolution Plan, including concerns about the distribution pattern of the resolution fund.
Beni Gopal Singhi, an Operational Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against EMC Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2018-11-12. Rakesh Kumar Agarwal was initially appointed as the Interim Resolution Professional but was later replaced by Kannan Tiruvengadam. The Committee of Creditors (CoC) conducted 9 meetings and approved a Resolution Plan submitted by Almas Global Opportunity Fund SPC with an 80.18% vote share. Bank of Baroda, a Financial Creditor and member of the CoC, filed CA(IB) No. 1175/KB/2019 seeking directions regarding payment related to a Bank Guarantee invoked by Power Grid Corporation of India Limited during the CIRP. Canara Bank, another Financial Creditor
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CP(IB) No. 1237/KB/2018…
Bank of Baroda was warned for failing to make…
The case involves multiple applications related to the Corporate Insolvency Resolution Process (CIRP) of EMC Ltd. CP(IB) No. 1237/KB/2018 was initiated by Beni Gopal Singhi, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2018-11-12, and Mr. Rakesh Kumar Agarwal was appointed as the Interim Resolution Professional, later replaced by Mr. Kannan Tiruvengadam. The CIRP process involved 9 meetings of the Committee of Creditors (CoC), leading to the approval of a Resolution Plan submitted by Almas Global Opportunity Fund SPC with a vote share of 80.18%. Several objections were raised against the approval of the Resolution Plan, including concerns about the distribution pattern of the resolution fund.
Beni Gopal Singhi, an Operational Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against EMC Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 2018-11-12. Rakesh Kumar Agarwal was initially appointed as the Interim Resolution Professional but was later replaced by Kannan Tiruvengadam. The Committee of Creditors (CoC) conducted 9 meetings and approved a Resolution Plan submitted by Almas Global Opportunity Fund SPC with an 80.18% vote share. Bank of Baroda, a Financial Creditor and member of the CoC, filed CA(IB) No. 1175/KB/2019 seeking directions regarding payment related to a Bank Guarantee invoked by Power Grid Corporation of India Limited during the CIRP. Canara Bank, another Financial Creditor
…CP(IB) No. 1237/KB/2018…
Bank of Baroda was warned for failing to make…