The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 11 of the National Company Law Tribunal Rules, 2016, for urgent listing and approval of a resolution plan for Jagannath Sponge Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 10 of the IBC, which was admitted on 22.04.2019. The Resolution Professional (RP) made public announcements and invited claims from stakeholders. The CIRP period was extended multiple times with the Adjudicating Authority's approval. Two resolution plans were received, and after evaluation and bidding, Omkara Assets Reconstruction Private Limited was declared the H1 bidder. The Committee of Creditors (CoC)
…Jagannath Sponge Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). Samya Sengupta was appointed as the Resolution Professional (RP). Public announcements were made to invite claims from stakeholders. The Committee of Creditors (CoC) was formed and held 13 meetings. Two resolution plans were received from Jagadamba Joint Venture and Omkara Assets Reconstruction Private Limited (Omkara ARC). Omkara ARC was declared the highest bidder with a proposal of Rs. 9.05 crores. The CoC approved Omkara ARC's resolution plan with 100% voting share. The total claims admitted were Rs. 91,43,04,813.19/- from financial creditors and Rs. 22,37,303/- towards CIRP costs. The
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Corporate Insolvency Resolution Process (CIRP)…
The RP made a public announcement on…
The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 11 of the National Company Law Tribunal Rules, 2016, for urgent listing and approval of a resolution plan for Jagannath Sponge Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 10 of the IBC, which was admitted on 22.04.2019. The Resolution Professional (RP) made public announcements and invited claims from stakeholders. The CIRP period was extended multiple times with the Adjudicating Authority's approval. Two resolution plans were received, and after evaluation and bidding, Omkara Assets Reconstruction Private Limited was declared the H1 bidder. The Committee of Creditors (CoC)
…Jagannath Sponge Private Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10 of the Insolvency and Bankruptcy Code (IBC). Samya Sengupta was appointed as the Resolution Professional (RP). Public announcements were made to invite claims from stakeholders. The Committee of Creditors (CoC) was formed and held 13 meetings. Two resolution plans were received from Jagadamba Joint Venture and Omkara Assets Reconstruction Private Limited (Omkara ARC). Omkara ARC was declared the highest bidder with a proposal of Rs. 9.05 crores. The CoC approved Omkara ARC's resolution plan with 100% voting share. The total claims admitted were Rs. 91,43,04,813.19/- from financial creditors and Rs. 22,37,303/- towards CIRP costs. The
…Corporate Insolvency Resolution Process (CIRP)…
The RP made a public announcement on…