The case involves M/s. Falcon Tyres Limited, the Corporate Debtor, which was incorporated in 1973 and engaged in the manufacture of tyres and tubes. Due to labor unrest, its manufacturing activities ceased in 2015. Edelweiss Asset Reconstruction Company Limited (EARCL), a Financial Creditor, filed C.P. (IB) No.14/BB/2017 under Section 7 of the IBC, 2016, to initiate CIRP. The Company Petition was admitted on May 1st, 2018, initiating CIRP and appointing an IRP. Subsequently, Mr. Savan Godiawala was appointed as the Resolution Professional. Despite multiple attempts and extensions, no viable resolution plan was approved by the Committee of Creditors (CoC).
M/s. Falcon Tyres Limited, the Corporate Debtor, was incorporated on 29th November 1973. The company's manufacturing activities ceased in 2015 due to labor unrest. M/s. Edelweiss Asset Reconstruction Company Limited (EARCL) filed C.P. (IB) No.14/BB/2017 under Section 7 of the IBC, 2016, to initiate CIRP. The Company Petition was admitted on May 1st, 2018. Mr. Vijay Kumar V. Iyer was initially appointed as the IRP, later replaced by Mr. Savan Godiawala as the Resolution Professional. The CoC was constituted, and multiple meetings were held. A resolution plan was submitted by Maple Tree Leather Goods Private Limited, but it was rejected by the CoC. The CoC rejected the resolution plan because it did not appear to be credible, capable, and genuine, and the Resolution
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M/s. Falcon Tyres…
Manufacturing activities…
The case involves M/s. Falcon Tyres Limited, the Corporate Debtor, which was incorporated in 1973 and engaged in the manufacture of tyres and tubes. Due to labor unrest, its manufacturing activities ceased in 2015. Edelweiss Asset Reconstruction Company Limited (EARCL), a Financial Creditor, filed C.P. (IB) No.14/BB/2017 under Section 7 of the IBC, 2016, to initiate CIRP. The Company Petition was admitted on May 1st, 2018, initiating CIRP and appointing an IRP. Subsequently, Mr. Savan Godiawala was appointed as the Resolution Professional. Despite multiple attempts and extensions, no viable resolution plan was approved by the Committee of Creditors (CoC).
M/s. Falcon Tyres Limited, the Corporate Debtor, was incorporated on 29th November 1973. The company's manufacturing activities ceased in 2015 due to labor unrest. M/s. Edelweiss Asset Reconstruction Company Limited (EARCL) filed C.P. (IB) No.14/BB/2017 under Section 7 of the IBC, 2016, to initiate CIRP. The Company Petition was admitted on May 1st, 2018. Mr. Vijay Kumar V. Iyer was initially appointed as the IRP, later replaced by Mr. Savan Godiawala as the Resolution Professional. The CoC was constituted, and multiple meetings were held. A resolution plan was submitted by Maple Tree Leather Goods Private Limited, but it was rejected by the CoC. The CoC rejected the resolution plan because it did not appear to be credible, capable, and genuine, and the Resolution
…M/s. Falcon Tyres…
Manufacturing activities…