The case involves multiple CAs (259/2019, 261/2019, and 650/2019) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, within the context of Corporate Insolvency Resolution Process (CIRP) proceedings initiated against GPI Textiles Ltd. The CIRP was triggered by a petition filed by Phoenix Arc Pvt. Ltd., a financial creditor, which was admitted on 06.07.2018. The core issue revolves around the rejection of claims by the Resolution Professional (RP) of GPI Textiles Ltd. filed by operational creditors, specifically TDB Spinners Pvt. Ltd., M/s M.K. Cotex, and M/s Tanmay Pure Spun. These creditors challenged the RP's rejection of their claims, primarily based on awards obtained from the MSME Facilitation Council. The RP's rejection was often based on the
…Phoenix Arc Pvt. Ltd., a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against GPI Textiles Ltd. by filing CP (IB) No. 35/Chd/HP/2018, which was admitted on 06.07.2018. An Interim Resolution Professional (IRP) was appointed on 12.07.2018. TDB Spinners Pvt. Ltd., M/s M.K. Cotex, and M/s Tanmay Pure Spun, all operational creditors of GPI Textiles Ltd., filed claims with the Resolution Professional (RP). The RP rejected these claims, leading the operational creditors to file CA Nos. 259/2019, 261/2019, and 650/2019 under Section 60(5) of the IBC, challenging the rejection. Each applicant possessed an award from the MSME Facilitation Council, typically dated 26.11.2014, indicating that GPI Textiles Ltd. owed them dues. GPI Textiles Ltd. had
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CP (IB) No. 35/Chd/HP/2018 filed by Phoenix Arc…
An Interim Resolution…
The case involves multiple CAs (259/2019, 261/2019, and 650/2019) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, within the context of Corporate Insolvency Resolution Process (CIRP) proceedings initiated against GPI Textiles Ltd. The CIRP was triggered by a petition filed by Phoenix Arc Pvt. Ltd., a financial creditor, which was admitted on 06.07.2018. The core issue revolves around the rejection of claims by the Resolution Professional (RP) of GPI Textiles Ltd. filed by operational creditors, specifically TDB Spinners Pvt. Ltd., M/s M.K. Cotex, and M/s Tanmay Pure Spun. These creditors challenged the RP's rejection of their claims, primarily based on awards obtained from the MSME Facilitation Council. The RP's rejection was often based on the
…Phoenix Arc Pvt. Ltd., a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against GPI Textiles Ltd. by filing CP (IB) No. 35/Chd/HP/2018, which was admitted on 06.07.2018. An Interim Resolution Professional (IRP) was appointed on 12.07.2018. TDB Spinners Pvt. Ltd., M/s M.K. Cotex, and M/s Tanmay Pure Spun, all operational creditors of GPI Textiles Ltd., filed claims with the Resolution Professional (RP). The RP rejected these claims, leading the operational creditors to file CA Nos. 259/2019, 261/2019, and 650/2019 under Section 60(5) of the IBC, challenging the rejection. Each applicant possessed an award from the MSME Facilitation Council, typically dated 26.11.2014, indicating that GPI Textiles Ltd. owed them dues. GPI Textiles Ltd. had
…CP (IB) No. 35/Chd/HP/2018 filed by Phoenix Arc…
An Interim Resolution…