The case involves CA-799/C-III/ND/2019 filed in CP No. 330/ND/2018 under Sections 30(6) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules and Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional, Mr. Avineesh Matta, submitted a Resolution Plan approved by the Committee of Creditors (CoC) for Micromax Energy Limited. An objection was raised by an Operational Creditor, Jay Ace Technologies Limited, regarding the plan.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Micromax Energy Limited by an Operational Creditor, Jay Ace Technologies Limited, under Section 9 of the IBC. Mr. Avineesh Matta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were held to discuss and approve the Resolution Plan. The RP received six Expressions of Interest (EOIs) following the publication of Form-G. Two Prospective Resolution Applicants (PRAs), Shri Mukesh Gupta and Shri Krishan Bansal, jointly submitted a Resolution Plan. The Operational Creditor raised objections, claiming that the Resolution Applicants were related parties and that the Resolution Plan was
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Application admitted by…
Mr. Avineesh Matta…
The case involves CA-799/C-III/ND/2019 filed in CP No. 330/ND/2018 under Sections 30(6) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 11 of the NCLT Rules and Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Resolution Professional, Mr. Avineesh Matta, submitted a Resolution Plan approved by the Committee of Creditors (CoC) for Micromax Energy Limited. An objection was raised by an Operational Creditor, Jay Ace Technologies Limited, regarding the plan.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Micromax Energy Limited by an Operational Creditor, Jay Ace Technologies Limited, under Section 9 of the IBC. Mr. Avineesh Matta was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were held to discuss and approve the Resolution Plan. The RP received six Expressions of Interest (EOIs) following the publication of Form-G. Two Prospective Resolution Applicants (PRAs), Shri Mukesh Gupta and Shri Krishan Bansal, jointly submitted a Resolution Plan. The Operational Creditor raised objections, claiming that the Resolution Applicants were related parties and that the Resolution Plan was
…Application admitted by…
Mr. Avineesh Matta…