The case involves an application filed under sections 30 & 31 of the Insolvency & Bankruptcy Code (IBC), 2016, read with Regulation 39 of IBBI (IRP for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Royal Splendour Developers Private Limited. The Committee of Creditors (CoC) approved the plan with a voting share of 70.93% in its meeting held on 30.10.2019. The Resolution Plan is valued at ₹25 Crores, with ₹15 Crores to be infused by the Resolution Applicant and ₹15 Crores by the home buyers. The admitted claim against the Corporate Debtor is ₹64,56,36,381.
Royal Splendour Developers Private Limited is undergoing corporate insolvency resolution process (CIRP). An application was filed for approval of the resolution plan under Section 30 & 31 of IBC, 2016. The CoC approved the resolution plan with 70.93% voting share on 30.10.2019. The resolution plan is valued at ₹25 Crores, with ₹15 Crores to be infused by the Resolution Applicant and ₹15 Crores by the home buyers. The admitted claim against the Corporate Debtor is ₹64,56,36,381. The resolution plan proposes settlements to secured financial creditors, operational creditors, and home buyers. The initial IRP, Mr. Arumugam, failed to retrieve documents, and was replaced by Mrs. Kavitha Surana. The Resolution Applicant did not provide a Performance Guarantee of ₹75
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CoC approved the…
The case involves an application filed under sections 30 & 31 of the Insolvency & Bankruptcy Code (IBC), 2016, read with Regulation 39 of IBBI (IRP for Corporate Persons) Regulations, 2016, for the approval of a Resolution Plan for Royal Splendour Developers Private Limited. The Committee of Creditors (CoC) approved the plan with a voting share of 70.93% in its meeting held on 30.10.2019. The Resolution Plan is valued at ₹25 Crores, with ₹15 Crores to be infused by the Resolution Applicant and ₹15 Crores by the home buyers. The admitted claim against the Corporate Debtor is ₹64,56,36,381.
Royal Splendour Developers Private Limited is undergoing corporate insolvency resolution process (CIRP). An application was filed for approval of the resolution plan under Section 30 & 31 of IBC, 2016. The CoC approved the resolution plan with 70.93% voting share on 30.10.2019. The resolution plan is valued at ₹25 Crores, with ₹15 Crores to be infused by the Resolution Applicant and ₹15 Crores by the home buyers. The admitted claim against the Corporate Debtor is ₹64,56,36,381. The resolution plan proposes settlements to secured financial creditors, operational creditors, and home buyers. The initial IRP, Mr. Arumugam, failed to retrieve documents, and was replaced by Mrs. Kavitha Surana. The Resolution Applicant did not provide a Performance Guarantee of ₹75
…Company Pet…
CoC approved the…