The case involves multiple Miscellaneous Applications (MAs) filed in relation to the Corporate Insolvency Resolution Process (CIRP) of SBM Paper Mills Ltd. The primary MA, 1396/2018, was filed by Satyanarayan Malu, a director of the suspended board, seeking withdrawal of the initial application under Section 10 of the IBC. This request was based on a proposed One Time Settlement (OTS) with Allahabad Bank, the sole financial creditor. Another MA, 827/2018, was filed by the Resolution Professional (RP) seeking approval of a resolution plan submitted by Khandesh Roller Floor Mills. MA 1142/2018 was filed by Khandesh Roller Floor Mills seeking to withdraw its resolution plan. The NCLT considered these applications together to resolve the controversies.
SBM Paper Mills Ltd. underwent CIRP after filing an application under Section 10 of the IBC, which was admitted on 2017-10-17. Allahabad Bank was the sole financial creditor and member of the Committee of Creditors (CoC). An advertisement was issued inviting Expression of Interest (EoI), and seven entities expressed interest. Khandesh Roller Floor Mills submitted a resolution plan that was approved by the CoC. Satyanarayan Malu, a director of SBM Paper Mills, proposed a One Time Settlement (OTS) with Allahabad Bank, offering a higher amount than the resolution plan. Allahabad Bank agreed to the OTS and consented to the withdrawal of the CIRP application. Khandesh Roller Floor Mills then sought to withdraw its resolution plan. The Resolution Professional had submitted
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Application under Section 10 of the…
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The case involves multiple Miscellaneous Applications (MAs) filed in relation to the Corporate Insolvency Resolution Process (CIRP) of SBM Paper Mills Ltd. The primary MA, 1396/2018, was filed by Satyanarayan Malu, a director of the suspended board, seeking withdrawal of the initial application under Section 10 of the IBC. This request was based on a proposed One Time Settlement (OTS) with Allahabad Bank, the sole financial creditor. Another MA, 827/2018, was filed by the Resolution Professional (RP) seeking approval of a resolution plan submitted by Khandesh Roller Floor Mills. MA 1142/2018 was filed by Khandesh Roller Floor Mills seeking to withdraw its resolution plan. The NCLT considered these applications together to resolve the controversies.
SBM Paper Mills Ltd. underwent CIRP after filing an application under Section 10 of the IBC, which was admitted on 2017-10-17. Allahabad Bank was the sole financial creditor and member of the Committee of Creditors (CoC). An advertisement was issued inviting Expression of Interest (EoI), and seven entities expressed interest. Khandesh Roller Floor Mills submitted a resolution plan that was approved by the CoC. Satyanarayan Malu, a director of SBM Paper Mills, proposed a One Time Settlement (OTS) with Allahabad Bank, offering a higher amount than the resolution plan. Allahabad Bank agreed to the OTS and consented to the withdrawal of the CIRP application. Khandesh Roller Floor Mills then sought to withdraw its resolution plan. The Resolution Professional had submitted
…Application under Section 10 of the…
Resolution plan of…