The case involves an application filed by the Successful Resolution Applicant (Consortium of Shree Sidhivinayak Cotspin Pvt. Ltd) of the Corporate Debtor, Maruti Cotex Limited, seeking certain reliefs related to the approved Resolution Plan. Specifically, the applicant sought a rectification of the order to reflect the correct amount apportioned to operational creditors and an extension of the timeline for payments to financial and operational creditors due to difficulties arising from the Covid-19 pandemic and related lockdowns.
The Consortium of Shree Sidhivinayak Cotspin Pvt. Ltd., the Successful Resolution Applicant for Maruti Cotex Limited, filed an application seeking modifications to the approved Resolution Plan. The applicant requested a correction to the order regarding the amount allocated to operational creditors, stating that the total liability of the Operational Creditors is Rs. 87,03,60,530/-, while the CoC decided to provide a sum of Rs. 50,00,000/- only for payment of Operational Creditors. The applicant also sought a 90-day extension of the payment timeline due to difficulties in arranging funds from HDFC Bank because of the Covid-19 pandemic and related lockdowns. The Resolution Plan was approved on July 2, 2020. The CoC submitted that the Resolution Applicant has already
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The Bench approved the Resolution Plan for…
COVID-19 Pandemic…
The case involves an application filed by the Successful Resolution Applicant (Consortium of Shree Sidhivinayak Cotspin Pvt. Ltd) of the Corporate Debtor, Maruti Cotex Limited, seeking certain reliefs related to the approved Resolution Plan. Specifically, the applicant sought a rectification of the order to reflect the correct amount apportioned to operational creditors and an extension of the timeline for payments to financial and operational creditors due to difficulties arising from the Covid-19 pandemic and related lockdowns.
The Consortium of Shree Sidhivinayak Cotspin Pvt. Ltd., the Successful Resolution Applicant for Maruti Cotex Limited, filed an application seeking modifications to the approved Resolution Plan. The applicant requested a correction to the order regarding the amount allocated to operational creditors, stating that the total liability of the Operational Creditors is Rs. 87,03,60,530/-, while the CoC decided to provide a sum of Rs. 50,00,000/- only for payment of Operational Creditors. The applicant also sought a 90-day extension of the payment timeline due to difficulties in arranging funds from HDFC Bank because of the Covid-19 pandemic and related lockdowns. The Resolution Plan was approved on July 2, 2020. The CoC submitted that the Resolution Applicant has already
…The Bench approved the Resolution Plan for…
COVID-19 Pandemic…