The case involves an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a Resolution Plan for Kanak Pulp and Paper Mill Private Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an order by the Adjudicating Authority on 14.11.2019. Dena Bank, the Financial Creditor, initiated the process. Jagdish Kumar Parulkar, the Resolution Professional, filed the application.
Dena Bank initiated CIRP against Kanak Pulp and Paper Mill Private Limited. The CIRP commenced on 2019-11-14. Jagdish Kumar Parulkar was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Two sets of valuers were appointed to determine the fair value and liquidation value of the assets. Seven meetings of the Committee of Creditors (CoC) were held. Vedara India Ventures Private Limited and Mr. Sanjiv Kumar Rathi and Mrs. Divya Sanjiv Rathi submitted a resolution plan, which was later modified. The CoC approved the resolution plan with a 100% vote share on 2020-08-14. The resolution applicants submitted an affidavit confirming their eligibility under section 29A. The resolution plan proposed an overall plan amount of
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The Corporate Insolvency Resolution Process…
Mr. Jagdish Kumar Parulkar was confirmed as…
The case involves an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a Resolution Plan for Kanak Pulp and Paper Mill Private Limited, which is undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an order by the Adjudicating Authority on 14.11.2019. Dena Bank, the Financial Creditor, initiated the process. Jagdish Kumar Parulkar, the Resolution Professional, filed the application.
Dena Bank initiated CIRP against Kanak Pulp and Paper Mill Private Limited. The CIRP commenced on 2019-11-14. Jagdish Kumar Parulkar was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Two sets of valuers were appointed to determine the fair value and liquidation value of the assets. Seven meetings of the Committee of Creditors (CoC) were held. Vedara India Ventures Private Limited and Mr. Sanjiv Kumar Rathi and Mrs. Divya Sanjiv Rathi submitted a resolution plan, which was later modified. The CoC approved the resolution plan with a 100% vote share on 2020-08-14. The resolution applicants submitted an affidavit confirming their eligibility under section 29A. The resolution plan proposed an overall plan amount of
…The Corporate Insolvency Resolution Process…
Mr. Jagdish Kumar Parulkar was confirmed as…