Raigarh Ispat and Power Pvt. Ltd., a proposed resolution applicant, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the rejection of its resolution plan by the Committee of Creditors (CoC). The CoC deemed the applicant ineligible under Section 29A of the 'I & B Code'. The Corporate Debtor, Salasar Steel and Power Ltd., is undergoing Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) alleged loan defaults in another company, Ind Synergy Ltd. (ISL), where a Director of the Applicant is also a Director. The RP sought clarification on the default status, and the applicant clarified that defaults prior to 31.3.2018 were taken over by an asset reconstruction company. The RP did not place the
…Raigarh Ispat and Power Pvt. Ltd. (Applicant) submitted a resolution plan for Salasar Steel and Power Ltd. (Corporate Debtor), which is undergoing CIRP. The Resolution Professional (RP) alleged that Ind Synergy Ltd. (ISL), where a Director of the Applicant is also a Director, had loan defaults. The RP sought clarification on the default status. The Applicant clarified that defaults prior to 31.3.2018 were taken over by an asset reconstruction company. The RP denied the Applicant an opportunity to explain and did not place the plan before the Committee of Creditors (CoC). The CoC rejected the application, deeming the applicant ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016. The applicant argued that the RP does not have the power to reject or
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CP(IB) No. 1411/MB/2018…
Corporate Insolvency Resolution Process (CIRP)…
Raigarh Ispat and Power Pvt. Ltd., a proposed resolution applicant, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the rejection of its resolution plan by the Committee of Creditors (CoC). The CoC deemed the applicant ineligible under Section 29A of the 'I & B Code'. The Corporate Debtor, Salasar Steel and Power Ltd., is undergoing Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) alleged loan defaults in another company, Ind Synergy Ltd. (ISL), where a Director of the Applicant is also a Director. The RP sought clarification on the default status, and the applicant clarified that defaults prior to 31.3.2018 were taken over by an asset reconstruction company. The RP did not place the
…Raigarh Ispat and Power Pvt. Ltd. (Applicant) submitted a resolution plan for Salasar Steel and Power Ltd. (Corporate Debtor), which is undergoing CIRP. The Resolution Professional (RP) alleged that Ind Synergy Ltd. (ISL), where a Director of the Applicant is also a Director, had loan defaults. The RP sought clarification on the default status. The Applicant clarified that defaults prior to 31.3.2018 were taken over by an asset reconstruction company. The RP denied the Applicant an opportunity to explain and did not place the plan before the Committee of Creditors (CoC). The CoC rejected the application, deeming the applicant ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016. The applicant argued that the RP does not have the power to reject or
…CP(IB) No. 1411/MB/2018…
Corporate Insolvency Resolution Process (CIRP)…