The case pertains to an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, filed by the Resolution Professional of Sharan Hospitality Private Limited, seeking approval of the Resolution Plan submitted by the Resolution Applicant, Majestic Auto Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Mumbai Bench on 08/05/2019. The Committee of Creditors (CoC) consisted of only one unrelated Secured Financial Creditor, Axis Bank Limited. Two resolution plans were received, one from Majestic Auto Limited and another from Romell Real Estate Private Limited. The CoC accepted the plan submitted by Majestic with 100% voting.
The Corporate Insolvency Resolution Process (CIRP) of Sharan Hospitality Private Limited was initiated by the NCLT Mumbai Bench on 08/05/2019. The Committee of Creditors (CoC) consisted of Axis Bank Limited. Two resolution plans were received from Majestic Auto Limited and Romell Real Estate Private Limited. The CoC accepted the plan submitted by Majestic with 100% voting. The Resolution Applicant proposed to infuse ₹. 81.84 Crores within 30 days of approval. The plan includes provisions for payment of CIRP costs, operational creditors, and financial creditors. The Resolution Applicant's financial status indicates total assets of over ₹. 362,98,02,000/-. The implementation of the plan is dependent on the vacation/modification of stay orders passed by the Delhi High
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The Corporate Insolvency Resolution Process…
The Committee of Creditors (CoC) considered the…
The case pertains to an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, filed by the Resolution Professional of Sharan Hospitality Private Limited, seeking approval of the Resolution Plan submitted by the Resolution Applicant, Majestic Auto Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by the NCLT Mumbai Bench on 08/05/2019. The Committee of Creditors (CoC) consisted of only one unrelated Secured Financial Creditor, Axis Bank Limited. Two resolution plans were received, one from Majestic Auto Limited and another from Romell Real Estate Private Limited. The CoC accepted the plan submitted by Majestic with 100% voting.
The Corporate Insolvency Resolution Process (CIRP) of Sharan Hospitality Private Limited was initiated by the NCLT Mumbai Bench on 08/05/2019. The Committee of Creditors (CoC) consisted of Axis Bank Limited. Two resolution plans were received from Majestic Auto Limited and Romell Real Estate Private Limited. The CoC accepted the plan submitted by Majestic with 100% voting. The Resolution Applicant proposed to infuse ₹. 81.84 Crores within 30 days of approval. The plan includes provisions for payment of CIRP costs, operational creditors, and financial creditors. The Resolution Applicant's financial status indicates total assets of over ₹. 362,98,02,000/-. The implementation of the plan is dependent on the vacation/modification of stay orders passed by the Delhi High
…The Corporate Insolvency Resolution Process…
The Committee of Creditors (CoC) considered the…