The case pertains to Gujarat NRE Coke Ltd., which faced financial difficulties due to adverse market conditions since 2009. The company's loan account was referred for restructuring under a Corporate Debt Restructuring (CDR) package in 2013-14, but it failed due to coke dumping from China. Subsequently, a Debt Realignment Scheme (DRS) was submitted, but it did not lead to any conclusion. The company then filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) for revival. The application was admitted on 07.04.2017, and Mr. Sumit Binani was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). Pricewaterhouse Coopers (PWC) was appointed to assist in preparing a Resolution Plan. A
…Gujarat NRE Coke Ltd. faced financial crisis since 2009 due to adverse market conditions. The company's loan account was referred for restructuring under a Corporate Debt Restructuring (CDR) package in 2013-14, which failed due to coke dumping from China until the end of 2016, leading to the loan account becoming a Non-Performing Asset (NPA). A Debt Realignment Scheme (DRS) was submitted but did not lead to any conclusion. The company filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC), which was admitted on 07.04.2017. Sumit Binani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Pricewaterhouse Coopers (PWC) assisted in preparing a Resolution Plan. An Expression of
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The loan account of GNCL was referred for…
The 2-year moratorium…
The case pertains to Gujarat NRE Coke Ltd., which faced financial difficulties due to adverse market conditions since 2009. The company's loan account was referred for restructuring under a Corporate Debt Restructuring (CDR) package in 2013-14, but it failed due to coke dumping from China. Subsequently, a Debt Realignment Scheme (DRS) was submitted, but it did not lead to any conclusion. The company then filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) for revival. The application was admitted on 07.04.2017, and Mr. Sumit Binani was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). Pricewaterhouse Coopers (PWC) was appointed to assist in preparing a Resolution Plan. A
…Gujarat NRE Coke Ltd. faced financial crisis since 2009 due to adverse market conditions. The company's loan account was referred for restructuring under a Corporate Debt Restructuring (CDR) package in 2013-14, which failed due to coke dumping from China until the end of 2016, leading to the loan account becoming a Non-Performing Asset (NPA). A Debt Realignment Scheme (DRS) was submitted but did not lead to any conclusion. The company filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC), which was admitted on 07.04.2017. Sumit Binani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Pricewaterhouse Coopers (PWC) assisted in preparing a Resolution Plan. An Expression of
…The loan account of GNCL was referred for…
The 2-year moratorium…