The case involves an application (IA No. 144/2021) filed by the Resolution Professional of PPS Enviro Power Private Limited, the Corporate Debtor, seeking approval of a resolution plan submitted by Zulaikha Motors Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition by State Bank of India under Section 7 of the IBC. The Adjudicating Authority had admitted the petition on 13.08.2019. During the CIRP, expressions of interest were received from multiple parties, and the CoC approved the resolution plan of Zulaikha Motors Private Limited with 100% votes.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against PPS Enviro Power Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 13.08.2019. During CIRP, Zulaikha Motors Private Limited submitted a resolution plan that was approved by the Committee of Creditors (CoC) with 100% votes. However, Zulaikha Motors Private Limited failed to submit a Performance Bank Guarantee (PBG) as required by the Request for Resolution Plan (RFRP) and the IBBI regulations. The Resolution Professional submitted the resolution plan to the Adjudicating Authority for approval despite the absence of the PBG. The Adjudicating Authority granted multiple extensions for the submission of the PBG, including considerations
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The case involves an application (IA No. 144/2021) filed by the Resolution Professional of PPS Enviro Power Private Limited, the Corporate Debtor, seeking approval of a resolution plan submitted by Zulaikha Motors Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition by State Bank of India under Section 7 of the IBC. The Adjudicating Authority had admitted the petition on 13.08.2019. During the CIRP, expressions of interest were received from multiple parties, and the CoC approved the resolution plan of Zulaikha Motors Private Limited with 100% votes.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against PPS Enviro Power Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 13.08.2019. During CIRP, Zulaikha Motors Private Limited submitted a resolution plan that was approved by the Committee of Creditors (CoC) with 100% votes. However, Zulaikha Motors Private Limited failed to submit a Performance Bank Guarantee (PBG) as required by the Request for Resolution Plan (RFRP) and the IBBI regulations. The Resolution Professional submitted the resolution plan to the Adjudicating Authority for approval despite the absence of the PBG. The Adjudicating Authority granted multiple extensions for the submission of the PBG, including considerations
…Corporate Ins…
Adjudicating Authority…