Saariga Construction Pvt. Ltd. filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to be declared a successful resolution applicant for Richa Industries Limited. Their resolution plan was considered but rejected by the Committee of Creditors (CoC).
Saariga Construction Pvt. Ltd. submitted a resolution plan for Richa Industries Limited.
The resolution plan was considered in the 13th and 14th meetings of the Committee of Creditors (CoC) but was rejected.
The Resolution Professional was directed to reinitiate the process by republishing Form G and inviting fresh expression of interest.
The resolution plan was put to vote in the 38th and 39th meetings of the CoC with voting lines open from 04.09.2023 to 22.09.2023.
52.02% of the CoC members voted in favor of the resolution plan, 0.08% voted against it, and 47.90% abstained from voting.
The Applicant relies upon Regulation 25(4) of the CIRP Regulations.
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The order was d…
Saariga Construction Pvt. Ltd. filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to be declared a successful resolution applicant for Richa Industries Limited. Their resolution plan was considered but rejected by the Committee of Creditors (CoC).
Saariga Construction Pvt. Ltd. submitted a resolution plan for Richa Industries Limited.
The resolution plan was considered in the 13th and 14th meetings of the Committee of Creditors (CoC) but was rejected.
The Resolution Professional was directed to reinitiate the process by republishing Form G and inviting fresh expression of interest.
The resolution plan was put to vote in the 38th and 39th meetings of the CoC with voting lines open from 04.09.2023 to 22.09.2023.
52.02% of the CoC members voted in favor of the resolution plan, 0.08% voted against it, and 47.90% abstained from voting.
The Applicant relies upon Regulation 25(4) of the CIRP Regulations.
…The order was d…