Kitply Industries Ltd. faced Corporate Insolvency Resolution Process (CIRP) after IDBI Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on 2018-05-01, declared a moratorium, and appointed Mr. Bijoy Murmuria as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) appointed Mr. Bijoy Murmuria as the Resolution Professional (RP). The RP invited Expression of Interest (Eol) for a resolution plan, receiving one plan from SREI Multiple Asset Investment Trust (Vision India Fund).
IDBI Bank Limited, a financial creditor of Kitply Industries Limited, initiated CIRP by filing an application under Section 7 of the IBC, 2016. The application was admitted on 2018-05-01, and Mr. Bijoy Murmuria was appointed as the IRP and later as the RP. The RP invited Eols and received one resolution plan from SREI Multiple Asset Investment Trust (Vision India Fund). IDBI Bank objected to the resolution plan, alleging that the RP failed to identify related parties within the CoC and that the plan violated Section 29A of the IBC. IDBI Bank also contended that preferential treatment was given to SREI Infrastructure Finance Limited. The CoC approved the resolution plan with 92.74% voting share, while IDBI Bank opposed it. The liquidation value of the corporate debtor
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Adjudicating Authority admitted the…
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Kitply Industries Ltd. faced Corporate Insolvency Resolution Process (CIRP) after IDBI Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the application on 2018-05-01, declared a moratorium, and appointed Mr. Bijoy Murmuria as the Interim Resolution Professional (IRP). Subsequently, the Committee of Creditors (CoC) appointed Mr. Bijoy Murmuria as the Resolution Professional (RP). The RP invited Expression of Interest (Eol) for a resolution plan, receiving one plan from SREI Multiple Asset Investment Trust (Vision India Fund).
IDBI Bank Limited, a financial creditor of Kitply Industries Limited, initiated CIRP by filing an application under Section 7 of the IBC, 2016. The application was admitted on 2018-05-01, and Mr. Bijoy Murmuria was appointed as the IRP and later as the RP. The RP invited Eols and received one resolution plan from SREI Multiple Asset Investment Trust (Vision India Fund). IDBI Bank objected to the resolution plan, alleging that the RP failed to identify related parties within the CoC and that the plan violated Section 29A of the IBC. IDBI Bank also contended that preferential treatment was given to SREI Infrastructure Finance Limited. The CoC approved the resolution plan with 92.74% voting share, while IDBI Bank opposed it. The liquidation value of the corporate debtor
…Adjudicating Authority admitted the…
The Committee of Creditors (CoC) appointed…