The case involves multiple Interlocutory Applications (IAs) filed in connection with Corporate Insolvency Resolution Process (CIRP) for Maruti Koatsu Cylinders Limited. IA 224/2019 was filed by the Resolution Professional (RP) seeking approval of the Resolution Plan submitted by Safire Technologies Private Limited. IA 160/2019 was filed by the RP seeking exclusion of a certain period from the CIRP. IA 402/2019 was filed by a Secured Financial Creditor (ARCIL) regarding the reduction of its claim in the Resolution Plan. The CIRP was initiated based on an application filed by Binil Traders under Section 9 of the Insolvency and Bankruptcy Code, 2016.
Binil Traders initiated Corporate Insolvency Resolution Process (CIRP) against Maruti Koatsu Cylinders Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 2018-04-26, and Mangesh Vitthal Kekre was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The initial CIRP period of 180 days expired on 2018-10-22 and was extended by 90 days until 2019-01-22. The RP received a Resolution Plan from Safire Technologies Private Limited on 2018-12-14, which was subsequently negotiated and modified. The Committee of Creditors (CoC) approved the Resolution Plan with 90.09% voting share. ARCIL, a secured financial creditor, filed IA 402/2019 objecting to the reduction of its claim from Rs. 6.05
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CIRP initiated against Maruti Koatsu…
Mangesh Vitthal Kekre…
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The case involves multiple Interlocutory Applications (IAs) filed in connection with Corporate Insolvency Resolution Process (CIRP) for Maruti Koatsu Cylinders Limited. IA 224/2019 was filed by the Resolution Professional (RP) seeking approval of the Resolution Plan submitted by Safire Technologies Private Limited. IA 160/2019 was filed by the RP seeking exclusion of a certain period from the CIRP. IA 402/2019 was filed by a Secured Financial Creditor (ARCIL) regarding the reduction of its claim in the Resolution Plan. The CIRP was initiated based on an application filed by Binil Traders under Section 9 of the Insolvency and Bankruptcy Code, 2016.
Binil Traders initiated Corporate Insolvency Resolution Process (CIRP) against Maruti Koatsu Cylinders Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 2018-04-26, and Mangesh Vitthal Kekre was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The initial CIRP period of 180 days expired on 2018-10-22 and was extended by 90 days until 2019-01-22. The RP received a Resolution Plan from Safire Technologies Private Limited on 2018-12-14, which was subsequently negotiated and modified. The Committee of Creditors (CoC) approved the Resolution Plan with 90.09% voting share. ARCIL, a secured financial creditor, filed IA 402/2019 objecting to the reduction of its claim from Rs. 6.05
…CIRP initiated against Maruti Koatsu…
Mangesh Vitthal Kekre…
Sign in to view related legal provisions.