The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Gujarat NRE Coke Limited. An application under section 10(1) of the Insolvency and Bankruptcy Code, 2016 was filed by the Corporate Debtor, which was admitted by the Adjudicating Authority on April 7, 2017. The CIRP commenced on April 7, 2017, with an initial period of 180 days, later extended by 90 days. The Resolution Professional (RP), Sumit Binani, filed progress reports and sought a resolution plan. RARE Asset Reconstruction Company submitted an expression of interest. However, the resolution plan was not approved by the Committee of Creditors (CoC).
Gujarat NRE Coke Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on April 7, 2017. The Resolution Professional (RP), Sumit Binani, filed progress reports. A resolution plan was submitted by RARE Asset Reconstruction Company. The Committee of Creditors (CoC) did not approve the resolution plan, with only 14.31% voting in favor, while 84.03% voted against it. Employees and workers expressed concerns about job security and proposed an alternative resolution plan. The company was operational and profitable, with 1178 employees. The extended period for CIRP was expiring on January 1, 2018. The Adjudicating Authority considered Section
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Application under…
Corporate Ins…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Gujarat NRE Coke Limited. An application under section 10(1) of the Insolvency and Bankruptcy Code, 2016 was filed by the Corporate Debtor, which was admitted by the Adjudicating Authority on April 7, 2017. The CIRP commenced on April 7, 2017, with an initial period of 180 days, later extended by 90 days. The Resolution Professional (RP), Sumit Binani, filed progress reports and sought a resolution plan. RARE Asset Reconstruction Company submitted an expression of interest. However, the resolution plan was not approved by the Committee of Creditors (CoC).
Gujarat NRE Coke Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10(1) of the Insolvency and Bankruptcy Code (IBC), 2016. The application was admitted on April 7, 2017. The Resolution Professional (RP), Sumit Binani, filed progress reports. A resolution plan was submitted by RARE Asset Reconstruction Company. The Committee of Creditors (CoC) did not approve the resolution plan, with only 14.31% voting in favor, while 84.03% voted against it. Employees and workers expressed concerns about job security and proposed an alternative resolution plan. The company was operational and profitable, with 1178 employees. The extended period for CIRP was expiring on January 1, 2018. The Adjudicating Authority considered Section
…Application under…
Corporate Ins…