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 Resolution Applicant did not submit a revised plan within the given timeframe. The CoC, in its fifteenth meeting held on 03.04.2021, passed a resolution with 90.95% vote share to approve the liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated
…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. Raj Singhania was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was duly constituted, and the first meeting was held on January 9th. Form-G was published to invite Expression of Interest (EOI) for submission of a Resolution Plan. Three EOIs were received initially, and one more was received after a revised EOI was published on 14.08.2020. The COVID-19 pandemic caused disruptions, leading to extensions of the deadline for submitting the
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Adjudicating Authority directed initiation of…
CoC was duly constituted…
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 Resolution Applicant did not submit a revised plan within the given timeframe. The CoC, in its fifteenth meeting held on 03.04.2021, passed a resolution with 90.95% vote share to approve the liquidation of the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated
…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. Raj Singhania was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was duly constituted, and the first meeting was held on January 9th. Form-G was published to invite Expression of Interest (EOI) for submission of a Resolution Plan. Three EOIs were received initially, and one more was received after a revised EOI was published on 14.08.2020. The COVID-19 pandemic caused disruptions, leading to extensions of the deadline for submitting the
…Adjudicating Authority directed initiation of…
CoC was duly constituted…