The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Noble Ispat & Energies Limited based on an application filed by Indian Renewable Energy Development Agency Limited (IREDA), a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was triggered due to the corporate debtor's inability to meet its financial obligations. The Adjudicating Authority admitted the application and appointed an Interim Resolution Professional (IRP), who was later replaced by Mr. Giridhari Lal Sharma as the Resolution Professional (RP). The RP then constituted a Committee of Creditors (CoC) comprising IREDA and Canara Bank. The CoC explored various resolution options, including an OTS (One-Time Settlement)
…1. Indian Renewable Energy Development Agency Limited (IREDA) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Noble Ispat & Energies Limited.
2. The Adjudicating Authority admitted the application and appointed Mr. Rajendra Prasad Tak as the Interim Resolution Professional (IRP).
3. Mr. Giridhari Lal Sharma was later appointed as the Resolution Professional (RP) replacing the IRP.
4. The RP constituted a Committee of Creditors (CoC) consisting of Canara Bank (83.15% voting share) and IREDA (16.85% voting share).
5. The RP made a public announcement inviting claims from creditors.
6. The CoC approved the appointment of valuers for the assets of the Corporate
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IREDA filed an application under Section 7 of…
The Adjudicating Authority admitted the…
The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Noble Ispat & Energies Limited based on an application filed by Indian Renewable Energy Development Agency Limited (IREDA), a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was triggered due to the corporate debtor's inability to meet its financial obligations. The Adjudicating Authority admitted the application and appointed an Interim Resolution Professional (IRP), who was later replaced by Mr. Giridhari Lal Sharma as the Resolution Professional (RP). The RP then constituted a Committee of Creditors (CoC) comprising IREDA and Canara Bank. The CoC explored various resolution options, including an OTS (One-Time Settlement)
…1. Indian Renewable Energy Development Agency Limited (IREDA) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Noble Ispat & Energies Limited.
2. The Adjudicating Authority admitted the application and appointed Mr. Rajendra Prasad Tak as the Interim Resolution Professional (IRP).
3. Mr. Giridhari Lal Sharma was later appointed as the Resolution Professional (RP) replacing the IRP.
4. The RP constituted a Committee of Creditors (CoC) consisting of Canara Bank (83.15% voting share) and IREDA (16.85% voting share).
5. The RP made a public announcement inviting claims from creditors.
6. The CoC approved the appointment of valuers for the assets of the Corporate
IREDA filed an application under Section 7 of…
The Adjudicating Authority admitted the…