The case involves the approval of a resolution plan for Formation Textiles LLC under the Insolvency and Bankruptcy Code, 2016 (IBC). A company petition under Section 7 of the IBC was admitted on 29.9.2017 against Mandhana Industries Ltd., the Corporate Debtor. Charu Desai was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. An extension of 90 days was sought for the Corporate Insolvency Resolution Process (CIRP), which was granted on 23.3.2018. The resolution plan was approved by the Committee of Creditors (CoC) with 80.92% voting share. Axis Bank, a dissenting financial creditor, filed MA 811/2018 seeking liquidation value.
A company petition under Section 7 of the IBC was admitted against Mandhana Industries Ltd. on 2017-09-29. Charu Desai was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The 180-day time period was expiring on 2018-03-27, leading to an application for a 90-day extension, which was granted on 2018-03-23. The total amount of claims admitted in the CIRP was Rs. 1,183.17 crores. Initially, the CoC consisted of 15 financial creditors, later revised to 16. The liquidation value of the company was determined to be Rs. 305 crores. Three resolution plans were received, with Finquest Financial Services Limited initially declared the highest bidder. Formation Textiles LLC challenged this, leading to an outbidding process where
…Sign in to view the parties.
A company petition under Section 7 of the IBC…
An extension of 90 days…
The case involves the approval of a resolution plan for Formation Textiles LLC under the Insolvency and Bankruptcy Code, 2016 (IBC). A company petition under Section 7 of the IBC was admitted on 29.9.2017 against Mandhana Industries Ltd., the Corporate Debtor. Charu Desai was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. An extension of 90 days was sought for the Corporate Insolvency Resolution Process (CIRP), which was granted on 23.3.2018. The resolution plan was approved by the Committee of Creditors (CoC) with 80.92% voting share. Axis Bank, a dissenting financial creditor, filed MA 811/2018 seeking liquidation value.
A company petition under Section 7 of the IBC was admitted against Mandhana Industries Ltd. on 2017-09-29. Charu Desai was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The 180-day time period was expiring on 2018-03-27, leading to an application for a 90-day extension, which was granted on 2018-03-23. The total amount of claims admitted in the CIRP was Rs. 1,183.17 crores. Initially, the CoC consisted of 15 financial creditors, later revised to 16. The liquidation value of the company was determined to be Rs. 305 crores. Three resolution plans were received, with Finquest Financial Services Limited initially declared the highest bidder. Formation Textiles LLC challenged this, leading to an outbidding process where
…A company petition under Section 7 of the IBC…
An extension of 90 days…