The case involves the corporate insolvency resolution process (CIRP) of IVRCL Limited. State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against IVRCL, which was admitted, initiating CIRP. A resolution professional (RP) was appointed and later confirmed by the Committee of Creditors (CoC). Public announcements were made to invite expression of interest (EOI) for resolution plans. Several resolution plans were submitted, including one by First Global Finance Private Limited and later a consortium. The CoC rejected these plans due to deviations from the EOI, non-submission of earnest money deposit (EMD), and non-compliance with minimum qualification criteria. The CIRP period was extended, but ultimately no valid
…State Bank of India initiated CIRP against IVRCL Limited under Section 7 of IBC, which was admitted on 2018-02-23. Sutanu Sinha was appointed as the Resolution Professional. Public announcement was made inviting Expression of Interest (EOI) from prospective resolution applicants. First Global Finance Pvt Limited submitted a resolution plan, later joined by a consortium including Shankar Sharma, Devina Mehra, and Phoenix ARC Private Limited. The CoC rejected the resolution plan due to deviations from the EOI, non-submission of Earnest Money Deposit (EMD), and non-compliance with minimum qualification criteria. The Resolution Professional issued a second invitation for EOI. The consortium submitted multiple revised resolution plans. The CoC rejected the revised
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State Bank of India's application under…
Public announcement was…
The case involves the corporate insolvency resolution process (CIRP) of IVRCL Limited. State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against IVRCL, which was admitted, initiating CIRP. A resolution professional (RP) was appointed and later confirmed by the Committee of Creditors (CoC). Public announcements were made to invite expression of interest (EOI) for resolution plans. Several resolution plans were submitted, including one by First Global Finance Private Limited and later a consortium. The CoC rejected these plans due to deviations from the EOI, non-submission of earnest money deposit (EMD), and non-compliance with minimum qualification criteria. The CIRP period was extended, but ultimately no valid
…State Bank of India initiated CIRP against IVRCL Limited under Section 7 of IBC, which was admitted on 2018-02-23. Sutanu Sinha was appointed as the Resolution Professional. Public announcement was made inviting Expression of Interest (EOI) from prospective resolution applicants. First Global Finance Pvt Limited submitted a resolution plan, later joined by a consortium including Shankar Sharma, Devina Mehra, and Phoenix ARC Private Limited. The CoC rejected the resolution plan due to deviations from the EOI, non-submission of Earnest Money Deposit (EMD), and non-compliance with minimum qualification criteria. The Resolution Professional issued a second invitation for EOI. The consortium submitted multiple revised resolution plans. The CoC rejected the revised
…State Bank of India's application under…
Public announcement was…