The case pertains to an application filed by the Resolution Professional under Section 31(1) of the IB Code, 2016, seeking approval of a resolution plan submitted jointly by M/s Longview Resources (HK) Limited and M/s Invent Assets Securitisation & Reconstruction Private Limited, which was approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT bench on 03.06.2019, and an Interim Resolution Professional (IRP) was appointed, who was later confirmed as the Resolution Professional. The CoC comprised several financial creditors, including IDBI Bank Limited, Central Bank of India, and Punjab National Bank. The CIRP term ended on 06.09.2020 after extensions. Two Expression of Interests were received
…The Resolution Professional filed an application seeking approval of a resolution plan jointly submitted by M/s Longview Resources (HK) Limited and M/s Invent Assets Securitisation & Reconstruction Private Limited. The CIRP was initiated on 03.06.2019, and Dr. Madurai Sundaram Sankar was appointed as the Resolution Professional. The CoC comprised financial creditors, including IDBI Bank Limited, Central Bank of India, and Punjab National Bank. The CIRP term ended on 06.09.2020. Two Expression of Interests were received. The resolution plan was put for e-voting and approved by the CoC with 98.70% voting in favor. The Applicant received a deposit amount of Rs. 5,40,93,314/- in lieu of a performance bank guarantee. The Adjudicating Authority observed that Invent
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Corporate Insolvency Resolution Process (CIRP)…
Dr Madurai Sundaram Sankar was confirmed as…
The case pertains to an application filed by the Resolution Professional under Section 31(1) of the IB Code, 2016, seeking approval of a resolution plan submitted jointly by M/s Longview Resources (HK) Limited and M/s Invent Assets Securitisation & Reconstruction Private Limited, which was approved by the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT bench on 03.06.2019, and an Interim Resolution Professional (IRP) was appointed, who was later confirmed as the Resolution Professional. The CoC comprised several financial creditors, including IDBI Bank Limited, Central Bank of India, and Punjab National Bank. The CIRP term ended on 06.09.2020 after extensions. Two Expression of Interests were received
…The Resolution Professional filed an application seeking approval of a resolution plan jointly submitted by M/s Longview Resources (HK) Limited and M/s Invent Assets Securitisation & Reconstruction Private Limited. The CIRP was initiated on 03.06.2019, and Dr. Madurai Sundaram Sankar was appointed as the Resolution Professional. The CoC comprised financial creditors, including IDBI Bank Limited, Central Bank of India, and Punjab National Bank. The CIRP term ended on 06.09.2020. Two Expression of Interests were received. The resolution plan was put for e-voting and approved by the CoC with 98.70% voting in favor. The Applicant received a deposit amount of Rs. 5,40,93,314/- in lieu of a performance bank guarantee. The Adjudicating Authority observed that Invent
…Corporate Insolvency Resolution Process (CIRP)…
Dr Madurai Sundaram Sankar was confirmed as…