The case involves an application (IA No. 586/2019) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Shree Raghav Ispat (India) Private Limited. The application seeks approval of a resolution plan that has been approved by the Committee of Creditors (CoC) with 100% voting rights. The resolution plan outlines the amounts provided for stakeholders, including insolvency resolution process costs, workmen dues, and payments to operational and financial creditors. The plan also includes a timeline for implementation and details regarding the management and control of the corporate debtor during the plan's term.
1. An application (IA No. 586/2019) was filed seeking approval of a resolution plan for Shree Raghav Ispat (India) Private Limited, a corporate debtor, under CP(IB) No. 126/9/HDB/2017.
2. The resolution plan was approved by the Committee of Creditors (CoC) with 100% voting rights.
3. The resolution plan outlines payments to various stakeholders, including insolvency resolution process costs (Rs. 28,00,000), workmen dues (Nil), operational creditors (Rs. 6,00,000), secured financial creditors (Rs. 5,50,55,000), unsecured financial creditors (Nil), other creditors (Nil), and statutory dues (Nil), totaling Rs. 5,84,55,000.
4. The resolution plan includes a timeline for implementation, with an effective date upon approval by the Adjudicating Authority and a completion date 45
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Corporate Insolvency Resolution Process…
The members of CoC unanimously approved the…
The case involves an application (IA No. 586/2019) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Shree Raghav Ispat (India) Private Limited. The application seeks approval of a resolution plan that has been approved by the Committee of Creditors (CoC) with 100% voting rights. The resolution plan outlines the amounts provided for stakeholders, including insolvency resolution process costs, workmen dues, and payments to operational and financial creditors. The plan also includes a timeline for implementation and details regarding the management and control of the corporate debtor during the plan's term.
1. An application (IA No. 586/2019) was filed seeking approval of a resolution plan for Shree Raghav Ispat (India) Private Limited, a corporate debtor, under CP(IB) No. 126/9/HDB/2017.
2. The resolution plan was approved by the Committee of Creditors (CoC) with 100% voting rights.
3. The resolution plan outlines payments to various stakeholders, including insolvency resolution process costs (Rs. 28,00,000), workmen dues (Nil), operational creditors (Rs. 6,00,000), secured financial creditors (Rs. 5,50,55,000), unsecured financial creditors (Nil), other creditors (Nil), and statutory dues (Nil), totaling Rs. 5,84,55,000.
4. The resolution plan includes a timeline for implementation, with an effective date upon approval by the Adjudicating Authority and a completion date 45
Corporate Insolvency Resolution Process…
The members of CoC unanimously approved the…