JM Financial Asset Reconstruction Co. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Salasar Steel and Power Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was ordered on 27.09.2019. Shree Rupandham Steel Private Limited, an applicant, expressed interest and submitted an EMD of Rs. 15.00 lakhs to the Resolution Professional (RP). The applicant was initially approved as a prospective resolution applicant. However, the Committee of Creditors (CoC) rejected the applicant's request to participate in the submission of a resolution plan due to a delayed confirmation of participation, citing COVID-19 related disruptions and the advanced stage of the CIRP. Shree Rupandham Steel Private Limited then filed an
…JM Financial Asset Reconstruction Co. Ltd. initiated CIRP against Salasar Steel and Power Private Limited. Shree Rupandham Steel Private Limited submitted an Expression of Interest (EOI) and an EMD of Rs. 15 lakhs to the RP. The applicant was initially approved as a prospective resolution applicant. The RP issued a fresh Form G calling for EOI due to a change in the evaluation matrix. The applicant's confirmation of participation was delayed, attributed to COVID-19 related disruptions. The CoC rejected the applicant's request to participate in the submission of a resolution plan, citing the delay and the advanced stage of the CIRP. The applicant challenged this rejection, arguing that it was illegal and against the objective of value maximization. The last date for
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JM Financial Asset Reconstruction Co. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Salasar Steel and Power Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was ordered on 27.09.2019. Shree Rupandham Steel Private Limited, an applicant, expressed interest and submitted an EMD of Rs. 15.00 lakhs to the Resolution Professional (RP). The applicant was initially approved as a prospective resolution applicant. However, the Committee of Creditors (CoC) rejected the applicant's request to participate in the submission of a resolution plan due to a delayed confirmation of participation, citing COVID-19 related disruptions and the advanced stage of the CIRP. Shree Rupandham Steel Private Limited then filed an
…JM Financial Asset Reconstruction Co. Ltd. initiated CIRP against Salasar Steel and Power Private Limited. Shree Rupandham Steel Private Limited submitted an Expression of Interest (EOI) and an EMD of Rs. 15 lakhs to the RP. The applicant was initially approved as a prospective resolution applicant. The RP issued a fresh Form G calling for EOI due to a change in the evaluation matrix. The applicant's confirmation of participation was delayed, attributed to COVID-19 related disruptions. The CoC rejected the applicant's request to participate in the submission of a resolution plan, citing the delay and the advanced stage of the CIRP. The applicant challenged this rejection, arguing that it was illegal and against the objective of value maximization. The last date for
…CIRP was ordered…
Expression of…
Sign in to view related legal provisions.