The case involves multiple Interlocutory Applications (IAs) filed in connection with Corporate Insolvency Resolution Process (CIRP) against Maruti Koatsu Cylinders Limited. IA 224/2019 was filed by the Resolution Professional (RP) under Section 30 of the Insolvency and Bankruptcy Code, 2016 (IBC) for submission and approval of the Resolution Plan received from 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. CP(IB) No. 118/2018 was initiated by Binil Traders, an Operational Creditor, against Maruti Koatsu Cylinders Limited.
Binil Traders initiated Corporate Insolvency Resolution Process (CIRP) against Maruti Koatsu Cylinders Limited under Section 9 of the IBC. The CIRP was admitted on 26.04.2018, and Mangesh Vitthal Kekre was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The CIRP period was extended, expiring on 22.01.2019. The RP received a Resolution Plan from Safire Technologies Private Limited, which was negotiated and modified. The CoC approved the Resolution Plan with 90.09% voting share. ARCIL, a Secured Financial Creditor, filed an IA objecting to the reduction of its claim from Rs. 6.05 crores to Rs. 0.79 crores in the Resolution Plan. The Resolution Plan proposed a total payment of Rs. 14.21 crores to Secured Financial
…Sign in to view the parties.
CIRP initiated against Maruti Koatsu…
Mangesh Vitthal Kekre…
The case involves multiple Interlocutory Applications (IAs) filed in connection with Corporate Insolvency Resolution Process (CIRP) against Maruti Koatsu Cylinders Limited. IA 224/2019 was filed by the Resolution Professional (RP) under Section 30 of the Insolvency and Bankruptcy Code, 2016 (IBC) for submission and approval of the Resolution Plan received from 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. CP(IB) No. 118/2018 was initiated by Binil Traders, an Operational Creditor, against Maruti Koatsu Cylinders Limited.
Binil Traders initiated Corporate Insolvency Resolution Process (CIRP) against Maruti Koatsu Cylinders Limited under Section 9 of the IBC. The CIRP was admitted on 26.04.2018, and Mangesh Vitthal Kekre was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The CIRP period was extended, expiring on 22.01.2019. The RP received a Resolution Plan from Safire Technologies Private Limited, which was negotiated and modified. The CoC approved the Resolution Plan with 90.09% voting share. ARCIL, a Secured Financial Creditor, filed an IA objecting to the reduction of its claim from Rs. 6.05 crores to Rs. 0.79 crores in the Resolution Plan. The Resolution Plan proposed a total payment of Rs. 14.21 crores to Secured Financial
…CIRP initiated against Maruti Koatsu…
Mangesh Vitthal Kekre…