The case pertains to an application under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) for the liquidation of the Corporate Debtor, Shree Shyam Pulp And Mills Ltd. The application was based on a resolution passed by the Committee of Creditors (CoC) in its 4th meeting held on 06.09.2019, with a majority of 97.56% voting share. The IRP made a public announcement on 29.03.2019 inviting claims from creditors. After receiving claims aggregating to Rs. 359.05 crores from financial creditors and Rs. 11 crores from operational creditors, the IRP collated the claims and constituted the CoC. The IRP was confirmed as RP on 22.04.2019. The RP determined the liquidation value of the company to be Rs. 78.48 crores. Despite multiple invitations for Expression of Interest
…UCO Bank initiated Corporate Insolvency Resolution Process (CIRP) against Shree Shyam Pulp And Mills Ltd. under Section 7 of IBC, 2016. The CIRP was admitted on 27.03.2019, and Mr. Rohit Sehgal was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 29.03.2019, inviting claims from creditors. Claims aggregating to Rs. 359.05 crores were received from financial creditors and Rs. 11 crores from operational creditors. The Committee of Creditors (CoC) was constituted, and the IRP was confirmed as the Resolution Professional (RP) on 22.04.2019. The liquidation value of the company was determined to be Rs. 78.48 crores. Despite multiple invitations for Expression of Interest (EOI), only one EOI was received, and no viable resolution plan
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The Insolvency and…
Corporate Insolvency Resolution Process (CIRP)…
The case pertains to an application under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) for the liquidation of the Corporate Debtor, Shree Shyam Pulp And Mills Ltd. The application was based on a resolution passed by the Committee of Creditors (CoC) in its 4th meeting held on 06.09.2019, with a majority of 97.56% voting share. The IRP made a public announcement on 29.03.2019 inviting claims from creditors. After receiving claims aggregating to Rs. 359.05 crores from financial creditors and Rs. 11 crores from operational creditors, the IRP collated the claims and constituted the CoC. The IRP was confirmed as RP on 22.04.2019. The RP determined the liquidation value of the company to be Rs. 78.48 crores. Despite multiple invitations for Expression of Interest
…UCO Bank initiated Corporate Insolvency Resolution Process (CIRP) against Shree Shyam Pulp And Mills Ltd. under Section 7 of IBC, 2016. The CIRP was admitted on 27.03.2019, and Mr. Rohit Sehgal was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 29.03.2019, inviting claims from creditors. Claims aggregating to Rs. 359.05 crores were received from financial creditors and Rs. 11 crores from operational creditors. The Committee of Creditors (CoC) was constituted, and the IRP was confirmed as the Resolution Professional (RP) on 22.04.2019. The liquidation value of the company was determined to be Rs. 78.48 crores. Despite multiple invitations for Expression of Interest (EOI), only one EOI was received, and no viable resolution plan
…The Insolvency and…
Corporate Insolvency Resolution Process (CIRP)…