The case involves an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Gontermann – Peipers India Limited. The resolution plan submitted by JSW Steel Limited was not approved by the Committee of Creditors (CoC) because the CoC requested the Resolution Applicant to remove a clause relating to the personal guarantee of the promoters of the Corporate Debtor, and the applicant did not submit a revised plan within the given timeframe. The CoC, in its fifteenth meeting on 03.04.2021, passed a resolution with 90.95% vote share to approve the liquidation.
Balaji Metals, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Gontermann – Peipers India Limited. Mr. Raj Singhania was appointed as the Interim Resolution Professional (IRP). The CoC was duly constituted, and Form-G was published to invite Expression of Interest (EOI) for resolution plans. JSW Steel Limited emerged as the sole Resolution Applicant. However, the resolution plan submitted by JSW Steel Limited was not approved by the CoC due to disagreements over a clause related to the personal guarantee of the promoters of the Corporate Debtor. The CoC, in its fifteenth meeting held on 03.04.2021, passed a resolution with
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The case involves an application under Section 60(5) of the Insolvency & Bankruptcy Code, 2016, filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Gontermann – Peipers India Limited. The resolution plan submitted by JSW Steel Limited was not approved by the Committee of Creditors (CoC) because the CoC requested the Resolution Applicant to remove a clause relating to the personal guarantee of the promoters of the Corporate Debtor, and the applicant did not submit a revised plan within the given timeframe. The CoC, in its fifteenth meeting on 03.04.2021, passed a resolution with 90.95% vote share to approve the liquidation.
Balaji Metals, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Gontermann – Peipers India Limited. Mr. Raj Singhania was appointed as the Interim Resolution Professional (IRP). The CoC was duly constituted, and Form-G was published to invite Expression of Interest (EOI) for resolution plans. JSW Steel Limited emerged as the sole Resolution Applicant. However, the resolution plan submitted by JSW Steel Limited was not approved by the CoC due to disagreements over a clause related to the personal guarantee of the promoters of the Corporate Debtor. The CoC, in its fifteenth meeting held on 03.04.2021, passed a resolution with
…Adjudicating Authority directed initiation of…
First meeting of the…