The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Flywheel Logistics Solutions Pvt. Ltd. The CIRP was initiated following an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by an Operational Creditor, leading to the appointment of Mr. Yogesh Mittal as the Interim Resolution Professional. The Committee of Creditors (CoC) was formed, and in its first meeting, the appointment of Mr. Yogesh Mittal was rejected. Subsequently, Mr. Rishabh Chand Lodha was appointed as Resolution Professional. The Adjudicating Authority extended the CIRP period and allowed for exclusion of days lost due to lockdown. The CoC approved the revised Resolution Plan submitted by Shyam Sundar Agarwal with a 93.40% e-voting share.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Flywheel Logistics Solutions Pvt. Ltd. based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on 2020-10-06. Mr. Yogesh Mittal was initially appointed as the Interim Resolution Professional but was later replaced by Mr. Rishabh Chand Lodha. The CIRP period was extended by the Adjudicating Authority, and days lost due to COVID-19 lockdown were excluded. The Committee of Creditors (CoC) was duly constituted. An Expression of Interest was published, and two Resolution Applicants, Shyam Sundar Agarwal and Candid Resources Limited, submitted Resolution Plans. The CoC approved the revised Resolution Plan submitted by Shyam
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The Corporate Insolvency Resolution Process…
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The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Flywheel Logistics Solutions Pvt. Ltd. The CIRP was initiated following an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed by an Operational Creditor, leading to the appointment of Mr. Yogesh Mittal as the Interim Resolution Professional. The Committee of Creditors (CoC) was formed, and in its first meeting, the appointment of Mr. Yogesh Mittal was rejected. Subsequently, Mr. Rishabh Chand Lodha was appointed as Resolution Professional. The Adjudicating Authority extended the CIRP period and allowed for exclusion of days lost due to lockdown. The CoC approved the revised Resolution Plan submitted by Shyam Sundar Agarwal with a 93.40% e-voting share.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Flywheel Logistics Solutions Pvt. Ltd. based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on 2020-10-06. Mr. Yogesh Mittal was initially appointed as the Interim Resolution Professional but was later replaced by Mr. Rishabh Chand Lodha. The CIRP period was extended by the Adjudicating Authority, and days lost due to COVID-19 lockdown were excluded. The Committee of Creditors (CoC) was duly constituted. An Expression of Interest was published, and two Resolution Applicants, Shyam Sundar Agarwal and Candid Resources Limited, submitted Resolution Plans. The CoC approved the revised Resolution Plan submitted by Shyam
…The Corporate Insolvency Resolution Process…
The applicant carried…