The case involves an application for the extension of the Corporate Insolvency Resolution Process (CIRP) period for REI Agro Ltd. The CIRP was initiated by Surendra Kumar Joshi, an Operational Creditor, due to unpaid salary dues. The Resolution Professional sought an extension beyond the initial 180 days, citing reasons such as delays in valuation reports and investigations by the CBI and Enforcement Directorate regarding the corporate debtor's assets. The Committee of Creditors (CoC) had approved the extension in its meeting. The Adjudicating Authority is considering the extension request.
Surendra Kumar Joshi, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against REI Agro Ltd. due to unpaid salary dues of Rs. 10,20,437. The Corporate Debtor acknowledged these dues. The CIRP was initiated on 27.02.2017. The Resolution Professional (RP) sought an extension of the CIRP period beyond the initial 180 days, citing delays in valuation reports, investigations by the CBI and Enforcement Directorate (ED), and attachment of the Corporate Debtor's assets by the ED under the Foreign Exchange Management Act and Prevention of Money Laundering Act. The Committee of Creditors (CoC) approved the extension with 75.18% voting share. The RP admitted claims of Rs. 8,593.96 crores from creditors. REI Agro Ltd. owns 51 Wind Turbine
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The Insolven…
Corporate Insolvency…
The case involves an application for the extension of the Corporate Insolvency Resolution Process (CIRP) period for REI Agro Ltd. The CIRP was initiated by Surendra Kumar Joshi, an Operational Creditor, due to unpaid salary dues. The Resolution Professional sought an extension beyond the initial 180 days, citing reasons such as delays in valuation reports and investigations by the CBI and Enforcement Directorate regarding the corporate debtor's assets. The Committee of Creditors (CoC) had approved the extension in its meeting. The Adjudicating Authority is considering the extension request.
Surendra Kumar Joshi, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against REI Agro Ltd. due to unpaid salary dues of Rs. 10,20,437. The Corporate Debtor acknowledged these dues. The CIRP was initiated on 27.02.2017. The Resolution Professional (RP) sought an extension of the CIRP period beyond the initial 180 days, citing delays in valuation reports, investigations by the CBI and Enforcement Directorate (ED), and attachment of the Corporate Debtor's assets by the ED under the Foreign Exchange Management Act and Prevention of Money Laundering Act. The Committee of Creditors (CoC) approved the extension with 75.18% voting share. The RP admitted claims of Rs. 8,593.96 crores from creditors. REI Agro Ltd. owns 51 Wind Turbine
…The Insolven…
Corporate Insolvency…