The case involves a resolution plan for Khandoba Prasanna Sakhar Karkhana Limited (KPSKL), a corporate debtor, under the Insolvency and Bankruptcy Code, 2016. The Karad Urban Co-operative Bank Ltd., the financial creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against KPSKL due to a financial debt of Rs. 17,86,84,138/- and a default of Rs. 28,46,86,768/-. The CIRP commenced on 01.01.2018. Several applications were filed, including one by an operational creditor regarding the rejection of its claim, one by the promoter seeking permission to submit a resolution plan, and one by the Resolution Professional (RP) seeking approval of a resolution plan submitted by Sai Agro (India) Chemicals.
The Karad Urban Co-operative Bank Ltd. initiated CIRP against Khandoba Prasanna Sakhar Karkhana Limited (KPSKL) due to a financial debt of Rs. 17,86,84,138/- and a default of Rs. 28,46,86,768/-. The CIRP commenced on 01.01.2018. The Financial Creditor held 98% voting share in the CoC, with the remaining 2% held by Jankalyan Nagari SahPata Sanstha. An operational creditor filed MA 1509/2019 challenging the rejection of its claim by the RP. The RP argued that the claim was filed belatedly and that a director of the operational creditor was a key managerial personnel of KPSKL. The promoter of KPSKL filed MA 2104/2019 seeking permission to submit a resolution plan, stating that KPSKL was classified as MSME. The RP filed MA 662/2019 seeking approval of the resolution plan
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The 'Financial Creditor' Karad Urban…
The said Petition was admitted vide…
The case involves a resolution plan for Khandoba Prasanna Sakhar Karkhana Limited (KPSKL), a corporate debtor, under the Insolvency and Bankruptcy Code, 2016. The Karad Urban Co-operative Bank Ltd., the financial creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against KPSKL due to a financial debt of Rs. 17,86,84,138/- and a default of Rs. 28,46,86,768/-. The CIRP commenced on 01.01.2018. Several applications were filed, including one by an operational creditor regarding the rejection of its claim, one by the promoter seeking permission to submit a resolution plan, and one by the Resolution Professional (RP) seeking approval of a resolution plan submitted by Sai Agro (India) Chemicals.
The Karad Urban Co-operative Bank Ltd. initiated CIRP against Khandoba Prasanna Sakhar Karkhana Limited (KPSKL) due to a financial debt of Rs. 17,86,84,138/- and a default of Rs. 28,46,86,768/-. The CIRP commenced on 01.01.2018. The Financial Creditor held 98% voting share in the CoC, with the remaining 2% held by Jankalyan Nagari SahPata Sanstha. An operational creditor filed MA 1509/2019 challenging the rejection of its claim by the RP. The RP argued that the claim was filed belatedly and that a director of the operational creditor was a key managerial personnel of KPSKL. The promoter of KPSKL filed MA 2104/2019 seeking permission to submit a resolution plan, stating that KPSKL was classified as MSME. The RP filed MA 662/2019 seeking approval of the resolution plan
…The 'Financial Creditor' Karad Urban…
The said Petition was admitted vide…