The case involves a resolution plan submitted by Alchemist Asset Reconstruction Company Limited for Mohak Carpets Pvt. Ltd., which was undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following a petition filed by JFC Finance (India) Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor's CIRP commenced on 08.10.2018. The Resolution Professional (RP) filed CA No.483/2019 under Section 30(6) of the Code seeking sanction of the resolution plan approved by the Committee of Creditors (CoC). The CoC comprised Central Bank of India and JFC Finance (India) Ltd. The resolution plan was approved in the tenth meeting of the CoC held on 03.07.2019 and through e-voting concluded on 06.07.2019.
JFC Finance (India) Limited initiated Corporate Insolvency Resolution Process (CIRP) against Mohak Carpets Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 08.10.2018. Mr. Anil Kumar was initially appointed as Interim Resolution Professional (IRP), later replaced by Mr. Harvinder Singh Kohli. Public announcements were made to invite claims from creditors. Two claims were received: one from Central Bank of India (secured financial creditor) and another from JFC Finance (India) Ltd (unsecured financial creditor). The Committee of Creditors (CoC) was constituted, comprising Central Bank of India (99.83% voting share) and JFC Finance (India) Ltd (0.17% voting share). Two registered valuers determined the liquidation value of the
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Corporate Insolvency…
Mr. Anil Kumar was…
The case involves a resolution plan submitted by Alchemist Asset Reconstruction Company Limited for Mohak Carpets Pvt. Ltd., which was undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following a petition filed by JFC Finance (India) Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor's CIRP commenced on 08.10.2018. The Resolution Professional (RP) filed CA No.483/2019 under Section 30(6) of the Code seeking sanction of the resolution plan approved by the Committee of Creditors (CoC). The CoC comprised Central Bank of India and JFC Finance (India) Ltd. The resolution plan was approved in the tenth meeting of the CoC held on 03.07.2019 and through e-voting concluded on 06.07.2019.
JFC Finance (India) Limited initiated Corporate Insolvency Resolution Process (CIRP) against Mohak Carpets Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP commenced on 08.10.2018. Mr. Anil Kumar was initially appointed as Interim Resolution Professional (IRP), later replaced by Mr. Harvinder Singh Kohli. Public announcements were made to invite claims from creditors. Two claims were received: one from Central Bank of India (secured financial creditor) and another from JFC Finance (India) Ltd (unsecured financial creditor). The Committee of Creditors (CoC) was constituted, comprising Central Bank of India (99.83% voting share) and JFC Finance (India) Ltd (0.17% voting share). Two registered valuers determined the liquidation value of the
…Corporate Insolvency…
Mr. Anil Kumar was…