The case involves multiple applications related to the Corporate Insolvency Resolution Process (CIRP) of Orissa Manganese & Minerals Limited (OMML). State Bank of India initiated CIRP under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP process involved inviting resolution plans, negotiations with bidders, and ultimately, the approval of a resolution plan by the Committee of Creditors (CoC). Edelweiss Asset Reconstruction Company Limited (EARC) and District Mining Officer, Department of Mining and Geology, Jharkhand, filed applications challenging various aspects of the CIRP, including the ranking of bidders, non-admission of claims, and the conduct of the Resolution Professional (RP).
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Orissa Manganese & Minerals Limited (OMML) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Sumit Binani was appointed as the Interim Resolution Professional (IRP). The initial CIRP period of 180 days was extended by 90 days. The Resolution Professional received three resolution plans from Edelweiss Asset Reconstruction Company Limited (EARC), Orissa Mining Private Limited (OMPL), and Ghanashyam Mishra & Sons Private Limited (GMSPL). The CoC initially declared EARC as the H1 bidder but later rejected their plan. After negotiations with GMSPL, the CoC approved their resolution plan with more than 89.23% voting share. EARC filed an application challenging the approval
…Sign in to view the parties.
Application under Section 7 of IBC admitted,…
Appointment of IRP…
The case involves multiple applications related to the Corporate Insolvency Resolution Process (CIRP) of Orissa Manganese & Minerals Limited (OMML). State Bank of India initiated CIRP under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP process involved inviting resolution plans, negotiations with bidders, and ultimately, the approval of a resolution plan by the Committee of Creditors (CoC). Edelweiss Asset Reconstruction Company Limited (EARC) and District Mining Officer, Department of Mining and Geology, Jharkhand, filed applications challenging various aspects of the CIRP, including the ranking of bidders, non-admission of claims, and the conduct of the Resolution Professional (RP).
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Orissa Manganese & Minerals Limited (OMML) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Sumit Binani was appointed as the Interim Resolution Professional (IRP). The initial CIRP period of 180 days was extended by 90 days. The Resolution Professional received three resolution plans from Edelweiss Asset Reconstruction Company Limited (EARC), Orissa Mining Private Limited (OMPL), and Ghanashyam Mishra & Sons Private Limited (GMSPL). The CoC initially declared EARC as the H1 bidder but later rejected their plan. After negotiations with GMSPL, the CoC approved their resolution plan with more than 89.23% voting share. EARC filed an application challenging the approval
…Application under Section 7 of IBC admitted,…
Appointment of IRP…