This case involves an application filed by Invent Asset Securitization and Asset Reconstruction Private Limited, a Financial Creditor of Shree Vindhya Paper Mills Limited (Corporate Debtor), before the National Company Law Tribunal (NCLT), Mumbai Bench. The applicant challenges the resolution plan approved by the Committee of Creditors (CoC), primarily concerning the settlement amount offered to the second charge holders, including the applicant. The applicant claims that the offer of 0.5% on the principal outstanding is inadequate and seeks a revision of the resolution plan to improve the settlement amount. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 07.06.2019.
1. Invent Asset Securitization and Asset Reconstruction Private Limited is a Financial Creditor of Shree Vindhya Paper Mills Limited (Corporate Debtor).
2. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 07.06.2019.
3. The applicant's claim was admitted for Rs. 46,89,86,949/-, holding a second charge on the Corporate Debtor's immovable property.
4. The Resolution Plan approved by the Committee of Creditors (CoC) provides a payment of only 0.5% of the principal outstanding to the applicant.
5. The applicant contends that the 0.5% offer is inadequate and seeks a revision of the Resolution Plan.
6. The Corporate Debtor created a first charge over its assets in favor of some Financial Creditors.
7. The principal outstanding amount due to
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Corporate Insolvency Resolution Process…
The 6th CoC meeting was held, where the issue…
This case involves an application filed by Invent Asset Securitization and Asset Reconstruction Private Limited, a Financial Creditor of Shree Vindhya Paper Mills Limited (Corporate Debtor), before the National Company Law Tribunal (NCLT), Mumbai Bench. The applicant challenges the resolution plan approved by the Committee of Creditors (CoC), primarily concerning the settlement amount offered to the second charge holders, including the applicant. The applicant claims that the offer of 0.5% on the principal outstanding is inadequate and seeks a revision of the resolution plan to improve the settlement amount. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 07.06.2019.
1. Invent Asset Securitization and Asset Reconstruction Private Limited is a Financial Creditor of Shree Vindhya Paper Mills Limited (Corporate Debtor).
2. The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 07.06.2019.
3. The applicant's claim was admitted for Rs. 46,89,86,949/-, holding a second charge on the Corporate Debtor's immovable property.
4. The Resolution Plan approved by the Committee of Creditors (CoC) provides a payment of only 0.5% of the principal outstanding to the applicant.
5. The applicant contends that the 0.5% offer is inadequate and seeks a revision of the Resolution Plan.
6. The Corporate Debtor created a first charge over its assets in favor of some Financial Creditors.
7. The principal outstanding amount due to
Corporate Insolvency Resolution Process…
The 6th CoC meeting was held, where the issue…