The case pertains to the Corporate Insolvency Resolution Process (CIRP) of a corporate debtor, initiated by a financial creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Pankaj Mahajan was appointed as the IRP and later confirmed as RP. The CIRP was initiated vide order dated 09.07.2019. The resolution plan submitted by Genus Paper & Board Limited was approved by the Committee of Creditors (CoC) with 100% voting share. The Resolution Professional filed an application seeking approval of the Resolution Plan under Section 31(1) of the Code. The application also sought exclusion of the lockdown period starting from 25.03.2020 due to the Covid-19 pandemic.
The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor on 09.07.2019, following an application by the financial creditor under Section 7 of the IBC. Pankaj Mahajan was appointed as the IRP and later confirmed as RP. The CoC consisted of PNB (77.66% voting share) and Union Bank of India (22.34% voting share), constituted on 02.08.2019. Form-G was published, setting criteria for prospective resolution applicants. Genus Paper and Boards Limited emerged as the eligible Resolution Applicant. A request for extension of time for submission of the Resolution Plan was received, but only a three-day extension was granted. The revised Form G was published on 23.11.2019. The Resolution Plan submitted by Genus Paper and Boards Ltd. was
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Corporate Insolvency…
Committee of C…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of a corporate debtor, initiated by a financial creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Pankaj Mahajan was appointed as the IRP and later confirmed as RP. The CIRP was initiated vide order dated 09.07.2019. The resolution plan submitted by Genus Paper & Board Limited was approved by the Committee of Creditors (CoC) with 100% voting share. The Resolution Professional filed an application seeking approval of the Resolution Plan under Section 31(1) of the Code. The application also sought exclusion of the lockdown period starting from 25.03.2020 due to the Covid-19 pandemic.
The Corporate Insolvency Resolution Process (CIRP) was initiated against the corporate debtor on 09.07.2019, following an application by the financial creditor under Section 7 of the IBC. Pankaj Mahajan was appointed as the IRP and later confirmed as RP. The CoC consisted of PNB (77.66% voting share) and Union Bank of India (22.34% voting share), constituted on 02.08.2019. Form-G was published, setting criteria for prospective resolution applicants. Genus Paper and Boards Limited emerged as the eligible Resolution Applicant. A request for extension of time for submission of the Resolution Plan was received, but only a three-day extension was granted. The revised Form G was published on 23.11.2019. The Resolution Plan submitted by Genus Paper and Boards Ltd. was
…Corporate Insolvency…
Committee of C…