The case involves multiple applications (MA 491/2018, MA 341/2018, MA 515/2018, MA 410/2018, MA 91/2018, IA 35/2018 & IA 30/2018) filed in CP (IB) 1137(MB)/2017 under Section 60(5) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, concerning the corporate insolvency resolution process (CIRP) of Jyoti Structures Ltd. State Bank of India initiated the CIRP under Section 7 of the IBC. The Resolution Professional (RP) sought directions regarding the validity of affirmative votes on a resolution plan. The resolution plan initially failed to achieve the requisite 75% voting share, but the RP later sought to include votes from dissenting and abstaining creditors to reach the threshold. Several financial creditors, including Allahabad Bank and DBS Bank, opposed
…1. State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Jyoti Structures Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016.
2. Vandana Garg was appointed as the Resolution Professional (RP).
3. A resolution plan was presented to the Committee of Creditors (CoC).
4. E-voting on the resolution plan commenced on March 26, 2018, and concluded on March 27, 2018.
5. The initial e-voting results showed that 62.66% of the votes were in favor of the resolution plan, 23.12% were against, and 14.21% abstained, failing to meet the required 75% approval threshold under Section 30(4) of the IBC.
6. After the e-voting, some financial creditors, including IDBI Trusteeship Services Ltd. and Indian Bank, requested that their votes be
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State Bank of India's petition under Section 7…
The Resol…
The case involves multiple applications (MA 491/2018, MA 341/2018, MA 515/2018, MA 410/2018, MA 91/2018, IA 35/2018 & IA 30/2018) filed in CP (IB) 1137(MB)/2017 under Section 60(5) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, concerning the corporate insolvency resolution process (CIRP) of Jyoti Structures Ltd. State Bank of India initiated the CIRP under Section 7 of the IBC. The Resolution Professional (RP) sought directions regarding the validity of affirmative votes on a resolution plan. The resolution plan initially failed to achieve the requisite 75% voting share, but the RP later sought to include votes from dissenting and abstaining creditors to reach the threshold. Several financial creditors, including Allahabad Bank and DBS Bank, opposed
…1. State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Jyoti Structures Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016.
2. Vandana Garg was appointed as the Resolution Professional (RP).
3. A resolution plan was presented to the Committee of Creditors (CoC).
4. E-voting on the resolution plan commenced on March 26, 2018, and concluded on March 27, 2018.
5. The initial e-voting results showed that 62.66% of the votes were in favor of the resolution plan, 23.12% were against, and 14.21% abstained, failing to meet the required 75% approval threshold under Section 30(4) of the IBC.
6. After the e-voting, some financial creditors, including IDBI Trusteeship Services Ltd. and Indian Bank, requested that their votes be
State Bank of India's petition under Section 7…
The Resol…