The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Nithin Nutritions Private Limited. The CIRP was initiated following an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT, Amaravati admitted the petition on 15.11.2019 and appointed Mr. Pavan Kankani as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) and invited claims from creditors. Several CoC meetings were held to discuss the resolution plan. The NCLAT, New Delhi, later appointed Mr. B. Naga Bhushan as the Resolution Professional (RP) in place of Mr. Pavan Kankani. Despite multiple attempts, the CoC found the resolution plans submitted to be commercially unviable. The CoC ultimately voted
…The NCLT, Amaravati admitted a petition under Section 10 of the IBC, initiating CIRP for M/s. Nithin Nutritions Private Limited on 15.11.2019. Mr. Pavan Kankani was appointed as IRP. The IRP constituted a CoC, with Bank of India as the sole financial creditor initially, later joined by P Sudhir Reddy and T Sahith Reddy. The NCLAT appointed Mr. B. Naga Bhushan as RP, replacing Mr. Pavan Kankani. The RP reverified claims and reconstituted the CoC. The RP published Form G inviting Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs). Only one PRA, M/s. VenAgro, submitted a resolution plan. The CoC found the resolution plan commercially unviable due to a lower resolution amount than contractual dues and conditional terms linked to the release of
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NCLT, Amaravati admitted the petition under…
The Interim Resolution Professional issued…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Nithin Nutritions Private Limited. The CIRP was initiated following an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT, Amaravati admitted the petition on 15.11.2019 and appointed Mr. Pavan Kankani as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) and invited claims from creditors. Several CoC meetings were held to discuss the resolution plan. The NCLAT, New Delhi, later appointed Mr. B. Naga Bhushan as the Resolution Professional (RP) in place of Mr. Pavan Kankani. Despite multiple attempts, the CoC found the resolution plans submitted to be commercially unviable. The CoC ultimately voted
…The NCLT, Amaravati admitted a petition under Section 10 of the IBC, initiating CIRP for M/s. Nithin Nutritions Private Limited on 15.11.2019. Mr. Pavan Kankani was appointed as IRP. The IRP constituted a CoC, with Bank of India as the sole financial creditor initially, later joined by P Sudhir Reddy and T Sahith Reddy. The NCLAT appointed Mr. B. Naga Bhushan as RP, replacing Mr. Pavan Kankani. The RP reverified claims and reconstituted the CoC. The RP published Form G inviting Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs). Only one PRA, M/s. VenAgro, submitted a resolution plan. The CoC found the resolution plan commercially unviable due to a lower resolution amount than contractual dues and conditional terms linked to the release of
…NCLT, Amaravati admitted the petition under…
The Interim Resolution Professional issued…