Kwality Industries (Bhopal) Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lifespan Biotech Pvt. Ltd. The CIRP was initiated based on an application filed by Kwality Industries, an operational creditor. The initial order for CIRP was passed on May 2, 2019. Subsequently, an Interlocutory Application (IA 35 of 2020) was filed seeking withdrawal of the CIRP based on a settlement reached between the Corporate Debtor and its Financial Creditors.
Kwality Industries (Bhopal) Limited initiated CIRP against Lifespan Biotech Pvt. Ltd. as an operational creditor. The CIRP was admitted on May 2, 2019. Subsequently, a settlement was reached between Lifespan Biotech and its financial creditors. The Committee of Creditors (CoC) approved the settlement with a 90.71% majority. The Resolution Professional (RP) filed an application (IA 35 of 2020) seeking withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor made payments to financial creditors, operational creditors, and other dues under a One Time Settlement (OTS) scheme. The financial creditors included Bank of India, Bank of Maharashtra, SIDBI, and Corporation Bank. Corporation Bank did not agree to the OTS. The RP
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Order passed by the Tribunal initiating the…
Eighth meeting of the Committee of Creditors…
Kwality Industries (Bhopal) Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lifespan Biotech Pvt. Ltd. The CIRP was initiated based on an application filed by Kwality Industries, an operational creditor. The initial order for CIRP was passed on May 2, 2019. Subsequently, an Interlocutory Application (IA 35 of 2020) was filed seeking withdrawal of the CIRP based on a settlement reached between the Corporate Debtor and its Financial Creditors.
Kwality Industries (Bhopal) Limited initiated CIRP against Lifespan Biotech Pvt. Ltd. as an operational creditor. The CIRP was admitted on May 2, 2019. Subsequently, a settlement was reached between Lifespan Biotech and its financial creditors. The Committee of Creditors (CoC) approved the settlement with a 90.71% majority. The Resolution Professional (RP) filed an application (IA 35 of 2020) seeking withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor made payments to financial creditors, operational creditors, and other dues under a One Time Settlement (OTS) scheme. The financial creditors included Bank of India, Bank of Maharashtra, SIDBI, and Corporation Bank. Corporation Bank did not agree to the OTS. The RP
…Order passed by the Tribunal initiating the…
Eighth meeting of the Committee of Creditors…