The case involves an application for approval of a resolution plan for M/s. RVR Marine Products Limited, the Corporate Debtor, under Sections 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 24.12.2019, and Mr. Rajesh Chhaparia was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. TSN Raja replaced him as the Resolution Professional (RP). The RP sought approval for a resolution plan submitted by M/s. Sunbitess, which was approved by the Committee of Creditors (CoC) with a 100% majority.
The Corporate Insolvency Resolution Process (CIRP) was initiated for M/s. RVR Marine Products Limited on 24.12.2019. Mr. Rajesh Chhaparia was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. TSN Raja. The IRP had valued the assets of the Corporate Debtor through M/s. AAA Valuers & M/s. Resolute Valuers. The Committee of Creditors (CoC) stipulated a minimum net worth criteria of Rs.3.5 Crores and a minimum performance guarantee of Rs.10 Lakhs. The RP received resolution plans from M/s. Sunbitess and M/s. Sri Vinayaka Fish Feeds. The CoC found the initial plan of M/s. Sri Vinayaka Fish Feeds conditional and unacceptable. The CoC opened the Resolution Plan of M/s.Sunbitess on 19.01.2020, which offered Rs.9.75 Crores to
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The Interim Resolution Professional (IRP) made…
The Committee of Creditors (CoC) decided to…
The case involves an application for approval of a resolution plan for M/s. RVR Marine Products Limited, the Corporate Debtor, under Sections 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated on 24.12.2019, and Mr. Rajesh Chhaparia was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. TSN Raja replaced him as the Resolution Professional (RP). The RP sought approval for a resolution plan submitted by M/s. Sunbitess, which was approved by the Committee of Creditors (CoC) with a 100% majority.
The Corporate Insolvency Resolution Process (CIRP) was initiated for M/s. RVR Marine Products Limited on 24.12.2019. Mr. Rajesh Chhaparia was initially appointed as the Interim Resolution Professional (IRP), but was later replaced by Mr. TSN Raja. The IRP had valued the assets of the Corporate Debtor through M/s. AAA Valuers & M/s. Resolute Valuers. The Committee of Creditors (CoC) stipulated a minimum net worth criteria of Rs.3.5 Crores and a minimum performance guarantee of Rs.10 Lakhs. The RP received resolution plans from M/s. Sunbitess and M/s. Sri Vinayaka Fish Feeds. The CoC found the initial plan of M/s. Sri Vinayaka Fish Feeds conditional and unacceptable. The CoC opened the Resolution Plan of M/s.Sunbitess on 19.01.2020, which offered Rs.9.75 Crores to
…The Interim Resolution Professional (IRP) made…
The Committee of Creditors (CoC) decided to…