The application was filed under Section 30(6) read with Regulation 39(4) of the Insolvency and Bankruptcy Code by the Resolution Professional, seeking approval of the Resolution Plan for Garg Inox Ltd., a Corporate Debtor incurring losses. The Corporate Insolvency Resolution Process (CIRP) was initiated by the Financial Creditor, State Bank of India. The petition was admitted on 2017-07-25, and Mr. Sanjay Gupta was appointed as the Interim Resolution Professional (IRP), later confirmed as the RP. The RP undertook steps including publication, convening meetings of the Committee of Creditors (CoC), and collating claims.
The Corporate Debtor, Garg Inox Ltd., was undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the Financial Creditor, State Bank of India. The petition was admitted on 2017-07-25. Sanjay Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP collated claims from various creditors, including State Bank of India (Rs. 18733.94 Lakhs), SIDBI (Rs. 236.03 Lakhs), Aditya Birla Finance Ltd. (Rs. 994.35 Lakhs), and others. The RP also obtained valuations of the Corporate Debtor's assets. The CoC approved a resolution plan submitted by Bansal High Carbons Pvt. Ltd., offering Rs. 72 crores. The resolution plan involves a phased payment to State Bank of India and the transfer of equity
…Sign in to view the parties.
The petition filed by State Bank of India…
Reference to the bid date in the context of…
The application was filed under Section 30(6) read with Regulation 39(4) of the Insolvency and Bankruptcy Code by the Resolution Professional, seeking approval of the Resolution Plan for Garg Inox Ltd., a Corporate Debtor incurring losses. The Corporate Insolvency Resolution Process (CIRP) was initiated by the Financial Creditor, State Bank of India. The petition was admitted on 2017-07-25, and Mr. Sanjay Gupta was appointed as the Interim Resolution Professional (IRP), later confirmed as the RP. The RP undertook steps including publication, convening meetings of the Committee of Creditors (CoC), and collating claims.
The Corporate Debtor, Garg Inox Ltd., was undergoing Corporate Insolvency Resolution Process (CIRP) initiated by the Financial Creditor, State Bank of India. The petition was admitted on 2017-07-25. Sanjay Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP collated claims from various creditors, including State Bank of India (Rs. 18733.94 Lakhs), SIDBI (Rs. 236.03 Lakhs), Aditya Birla Finance Ltd. (Rs. 994.35 Lakhs), and others. The RP also obtained valuations of the Corporate Debtor's assets. The CoC approved a resolution plan submitted by Bansal High Carbons Pvt. Ltd., offering Rs. 72 crores. The resolution plan involves a phased payment to State Bank of India and the transfer of equity
…The petition filed by State Bank of India…
Reference to the bid date in the context of…