The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Allahabad Bank against Meghalaya Infratech Limited, initiating the Corporate Insolvency Resolution Process (CIRP). The application was admitted on 28/08/2019, and Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP). Subsequently, he was appointed as the Resolution Professional (RP) after the first Committee of Creditors (CoC) meeting on 25/09/2019. The CIRP period of 180 days expired on 24/02/2020, and the extended period of 90 days was set to expire on 24/05/2020. The RP filed an application for final approval of the Resolution Plan, which was approved by the CoC at its 7th meeting held on 06/03/2020.
Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Meghalaya Infratech Limited by filing CP(IB) No. 13/GB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 28/08/2019, and Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement under Section 15 of the I&B Code, inviting claims from creditors. A Committee of Creditors (CoC) was formed on 17/09/2019. Expression of Interest (EoI) was invited, and four EoIs were received. The CoC decided to follow the Swiss challenge method of bidding. Mr. Ngaitlang Dhar was declared H-1 and Mr. Abhishek Agarwal as H-2. The CoC approved the Resolution Plan of H-1 bidder with a 100% voting share on
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Application under Section 7 of IBC admitted;…
Committee of C…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Allahabad Bank against Meghalaya Infratech Limited, initiating the Corporate Insolvency Resolution Process (CIRP). The application was admitted on 28/08/2019, and Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP). Subsequently, he was appointed as the Resolution Professional (RP) after the first Committee of Creditors (CoC) meeting on 25/09/2019. The CIRP period of 180 days expired on 24/02/2020, and the extended period of 90 days was set to expire on 24/05/2020. The RP filed an application for final approval of the Resolution Plan, which was approved by the CoC at its 7th meeting held on 06/03/2020.
Allahabad Bank initiated Corporate Insolvency Resolution Process (CIRP) against Meghalaya Infratech Limited by filing CP(IB) No. 13/GB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 28/08/2019, and Mr. Amit Pareek was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement under Section 15 of the I&B Code, inviting claims from creditors. A Committee of Creditors (CoC) was formed on 17/09/2019. Expression of Interest (EoI) was invited, and four EoIs were received. The CoC decided to follow the Swiss challenge method of bidding. Mr. Ngaitlang Dhar was declared H-1 and Mr. Abhishek Agarwal as H-2. The CoC approved the Resolution Plan of H-1 bidder with a 100% voting share on
…Application under Section 7 of IBC admitted;…
Committee of C…