IDBI Bank Limited, as the Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Manor Floatel Limited, the Corporate Debtor, due to a default in paying a debt of Rs. 32,22,46,710. The Adjudicating Authority admitted the petition on 2018-01-10, commencing the CIRP. An Interim Resolution Professional (IRP), Mr. Sanjay Gupta, was appointed, later replaced by Mr. Anil Agarwal. The IRP made a public announcement of the CIRP and received claims from creditors. The Committee of Creditors (CoC) was formed, and an open bidding process was initiated to find a resolution plan. Several resolution plans were submitted and considered, with M/s Brighter Side Renewable Energy Ventures Pvt.
…IDBI Bank Limited initiated CIRP against Manor Floatel Limited due to a default of Rs. 32,22,46,710. The Adjudicating Authority admitted the petition on 2018-01-10. Mr. Sanjay Gupta was appointed as IRP, later replaced by Mr. Anil Agarwal. The IRP made a public announcement and received claims from creditors. The CoC was formed, and an open bidding process was adopted. Mr. Vinay Khosala along with M/s JFC Finance India Limited was declared the highest bidder initially, but the CoC refused to approve their plan. The CIRP period was extended. M/s Brighter Side Renewable Energy Ventures Pvt. Ltd. submitted a resolution plan, which was approved by the CoC with 100% voting share on 2018-10-04. The Resolution Professional submitted this plan to the Adjudicating Authority for
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The Adjudicating Authority admitted the petition…
IRP made public announcement of CIRP of the…
IDBI Bank Limited, as the Financial Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Manor Floatel Limited, the Corporate Debtor, due to a default in paying a debt of Rs. 32,22,46,710. The Adjudicating Authority admitted the petition on 2018-01-10, commencing the CIRP. An Interim Resolution Professional (IRP), Mr. Sanjay Gupta, was appointed, later replaced by Mr. Anil Agarwal. The IRP made a public announcement of the CIRP and received claims from creditors. The Committee of Creditors (CoC) was formed, and an open bidding process was initiated to find a resolution plan. Several resolution plans were submitted and considered, with M/s Brighter Side Renewable Energy Ventures Pvt.
…IDBI Bank Limited initiated CIRP against Manor Floatel Limited due to a default of Rs. 32,22,46,710. The Adjudicating Authority admitted the petition on 2018-01-10. Mr. Sanjay Gupta was appointed as IRP, later replaced by Mr. Anil Agarwal. The IRP made a public announcement and received claims from creditors. The CoC was formed, and an open bidding process was adopted. Mr. Vinay Khosala along with M/s JFC Finance India Limited was declared the highest bidder initially, but the CoC refused to approve their plan. The CIRP period was extended. M/s Brighter Side Renewable Energy Ventures Pvt. Ltd. submitted a resolution plan, which was approved by the CoC with 100% voting share on 2018-10-04. The Resolution Professional submitted this plan to the Adjudicating Authority for
…The Adjudicating Authority admitted the petition…
IRP made public announcement of CIRP of the…