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 Committee of Creditors (CoC) had approved the resolution plan. However, the Successful Resolution Applicant failed to submit a Performance Bank Guarantee (PBG) as required under the RFRP and IBBI regulations.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against PPS Enviro Power Pvt Ltd under Section 7 of the IBC. The petition was admitted on 2019-08-13. Zulaikha Motors Private Limited submitted a resolution plan, which was approved by the Committee of Creditors (CoC) with 100% votes. The Resolution Professional filed IA No. 144/2021 seeking approval of the resolution plan. The Successful Resolution Applicant failed to submit a Performance Bank Guarantee (PBG) as required under the Request for Resolution Plan (RFRP) and Regulation 39 (B) (4A) of the IBBI (Insolvency Resolution Process of Corporate Persons) Regulations, 2016. Despite multiple extensions, the PBG was not furnished. The Resolution Professional also filed IA 478/2021 seeking a
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CP (IB) No.407/7/HDB/201…
The Adjudicating Authority admitted the…
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 Committee of Creditors (CoC) had approved the resolution plan. However, the Successful Resolution Applicant failed to submit a Performance Bank Guarantee (PBG) as required under the RFRP and IBBI regulations.
State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against PPS Enviro Power Pvt Ltd under Section 7 of the IBC. The petition was admitted on 2019-08-13. Zulaikha Motors Private Limited submitted a resolution plan, which was approved by the Committee of Creditors (CoC) with 100% votes. The Resolution Professional filed IA No. 144/2021 seeking approval of the resolution plan. The Successful Resolution Applicant failed to submit a Performance Bank Guarantee (PBG) as required under the Request for Resolution Plan (RFRP) and Regulation 39 (B) (4A) of the IBBI (Insolvency Resolution Process of Corporate Persons) Regulations, 2016. Despite multiple extensions, the PBG was not furnished. The Resolution Professional also filed IA 478/2021 seeking a
…CP (IB) No.407/7/HDB/201…
The Adjudicating Authority admitted the…