The case involves an application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan for New Phaltan Sugar Works Limited. The Corporate Debtor was put under Insolvency Resolution Process by an order dated 22.02.2019. Initially, Mr. Vishram Narayan Panchpor was appointed as the Interim Resolution Professional (IRP), later replaced by the Applicant. The Resolution Plan was approved by the Committee of Creditors (CoC) with 71.32% voting, which later became unanimous with 100% voting after M/s ED & F Man Commodities India Pvt. Ltd. changed their vote.
New Phaltan Sugar Works Limited underwent Insolvency Resolution Process following a Tribunal order on 2019-02-22. Initially, Vishram Narayan Panchpor served as the Interim Resolution Professional (IRP) but was later replaced by the current Applicant. The CoC approved a Resolution Plan with 71.32% of the vote, which later became unanimous (100%) after a change in voting by M/s ED & F Man Commodities India Pvt. Ltd. The Resolution Plan includes provisions for payments to various stakeholders, including secured financial creditors, unsecured financial creditors, operational creditors, workmen and employees, farmers, statutory dues, and the provident fund. A significant aspect of the plan involves securing the interests of farmers, with the Resolution Applicant
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The Corporate Debtor, New Phaltan Sugar…
The Interim Resolution Professional (IRP)…
The case involves an application filed by the Resolution Professional under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan for New Phaltan Sugar Works Limited. The Corporate Debtor was put under Insolvency Resolution Process by an order dated 22.02.2019. Initially, Mr. Vishram Narayan Panchpor was appointed as the Interim Resolution Professional (IRP), later replaced by the Applicant. The Resolution Plan was approved by the Committee of Creditors (CoC) with 71.32% voting, which later became unanimous with 100% voting after M/s ED & F Man Commodities India Pvt. Ltd. changed their vote.
New Phaltan Sugar Works Limited underwent Insolvency Resolution Process following a Tribunal order on 2019-02-22. Initially, Vishram Narayan Panchpor served as the Interim Resolution Professional (IRP) but was later replaced by the current Applicant. The CoC approved a Resolution Plan with 71.32% of the vote, which later became unanimous (100%) after a change in voting by M/s ED & F Man Commodities India Pvt. Ltd. The Resolution Plan includes provisions for payments to various stakeholders, including secured financial creditors, unsecured financial creditors, operational creditors, workmen and employees, farmers, statutory dues, and the provident fund. A significant aspect of the plan involves securing the interests of farmers, with the Resolution Applicant
…The Corporate Debtor, New Phaltan Sugar…
The Interim Resolution Professional (IRP)…