The case involves the approval of a resolution plan for ILC Industries Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an application by Elite Brilliant Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Ravindranath Narayana Rao was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published advertisements inviting Expression of Interest (EoI) from prospective resolution applicants. Several meetings of the Committee of Creditors (CoC) were held to discuss the evaluation matrix, eligibility criteria, and the resolution plans received. Karatagi Refineries Private Limited submitted a resolution plan that
…Elite Brilliant Limited initiated CIRP against ILC Industries Limited under Section 9 of IBC, 2016. Ravindranath Narayana Rao was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published advertisements inviting Expression of Interest (EoI) from prospective resolution applicants. Karatagi Refineries Private Limited submitted a resolution plan. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share on December 16, 2019. The resolution plan includes provisions for payment to financial creditors, operational creditors, and other stakeholders. The plan also addresses the management of the corporate debtor's affairs and provides for the implementation and supervision of the
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C.P.(IB)No.155/BB/2018…
CIRP admitted…
The case involves the approval of a resolution plan for ILC Industries Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an application by Elite Brilliant Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Ravindranath Narayana Rao was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published advertisements inviting Expression of Interest (EoI) from prospective resolution applicants. Several meetings of the Committee of Creditors (CoC) were held to discuss the evaluation matrix, eligibility criteria, and the resolution plans received. Karatagi Refineries Private Limited submitted a resolution plan that
…Elite Brilliant Limited initiated CIRP against ILC Industries Limited under Section 9 of IBC, 2016. Ravindranath Narayana Rao was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP published advertisements inviting Expression of Interest (EoI) from prospective resolution applicants. Karatagi Refineries Private Limited submitted a resolution plan. The Committee of Creditors (CoC) approved the resolution plan with 100% voting share on December 16, 2019. The resolution plan includes provisions for payment to financial creditors, operational creditors, and other stakeholders. The plan also addresses the management of the corporate debtor's affairs and provides for the implementation and supervision of the
…C.P.(IB)No.155/BB/2018…
CIRP admitted…