The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Recorders and Medicare Systems Pvt. Ltd. under Section 10 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted, a moratorium was declared, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (COC). Subsequently, the IRP was replaced by another Resolution Professional (RP). An application was filed for extension of the CIRP period. The RP filed an application under Section 31 of the Code for approval of the resolution plan submitted by RMS Employees Welfare Trust. The promoter director's resolution plan was challenged due to disqualifications under the amended Code. The employees of the corporate debtor formed a
…Recorders and Medicare Systems Pvt. Ltd. faced Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP), Mr. Purushottam Ram Singhania, was initially appointed but later replaced by Mr. Anil Goel. The Committee of Creditors (COC) was formed, including State Bank of India (SBI), HDFC Ltd., and ICICI Bank Ltd. The CIRP period was extended by 90 days. RMS Employees Welfare Trust, formed by the employees, submitted a resolution plan after the promoter director, Shri Suman Jolly, became ineligible due to the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017. The promoter director's challenge to the Ordinance was withdrawn. The COC approved the Trust's resolution plan with
…Sign in to view the parties.
Petition filed by…
Moratorium under…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against Recorders and Medicare Systems Pvt. Ltd. under Section 10 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted, a moratorium was declared, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (COC). Subsequently, the IRP was replaced by another Resolution Professional (RP). An application was filed for extension of the CIRP period. The RP filed an application under Section 31 of the Code for approval of the resolution plan submitted by RMS Employees Welfare Trust. The promoter director's resolution plan was challenged due to disqualifications under the amended Code. The employees of the corporate debtor formed a
…Recorders and Medicare Systems Pvt. Ltd. faced Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP), Mr. Purushottam Ram Singhania, was initially appointed but later replaced by Mr. Anil Goel. The Committee of Creditors (COC) was formed, including State Bank of India (SBI), HDFC Ltd., and ICICI Bank Ltd. The CIRP period was extended by 90 days. RMS Employees Welfare Trust, formed by the employees, submitted a resolution plan after the promoter director, Shri Suman Jolly, became ineligible due to the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017. The promoter director's challenge to the Ordinance was withdrawn. The COC approved the Trust's resolution plan with
…Petition filed by…
Moratorium under…