The case involves an application filed by the Resolution Professional (RP) under Section 31 of the Insolvency and Bankruptcy Code, 2016 (Code), seeking approval of a Resolution Plan for BMSS Steel Industries Pvt. Ltd. The Corporate Debtor was put under Corporate Insolvency Resolution Process (CIRP) by an order of the Adjudicating Authority dated 2018-04-16. Mr. V.S. Rao Nagulapati was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC). The RP conducted the CIRP, inviting claims from creditors, appointing valuers, and publishing advertisements for Expression of Interest (EOI). Two Resolution Plans were received, one from Wather Investment and Trading Co. Pvt. Ltd. and another from
…BMSS Steel Industries Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated by an order dated 2018-04-16. Mr. V.S. Rao Nagulapati was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP invited claims from creditors and received two Resolution Plans, one from Wather Investment and Trading Co. Pvt. Ltd. and another from Pradeep Metals Ltd. The Committee of Creditors (CoC) rejected the plan from Pradeep Metals Ltd. because the resolution amount was significantly lower than the liquidation value of the Corporate Debtor (Rs. 1.92 crores vs. Rs. 4.32 crores). Wather Investment and Trading Co. Pvt. Ltd. submitted a revised plan, which was approved by the CoC on 2019-01-03. The approved
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Corporate Debtor was put under Corporate…
Mr. V.S. Rao Nagulapati confirmed as…
The case involves an application filed by the Resolution Professional (RP) under Section 31 of the Insolvency and Bankruptcy Code, 2016 (Code), seeking approval of a Resolution Plan for BMSS Steel Industries Pvt. Ltd. The Corporate Debtor was put under Corporate Insolvency Resolution Process (CIRP) by an order of the Adjudicating Authority dated 2018-04-16. Mr. V.S. Rao Nagulapati was appointed as Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC). The RP conducted the CIRP, inviting claims from creditors, appointing valuers, and publishing advertisements for Expression of Interest (EOI). Two Resolution Plans were received, one from Wather Investment and Trading Co. Pvt. Ltd. and another from
…BMSS Steel Industries Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated by an order dated 2018-04-16. Mr. V.S. Rao Nagulapati was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP invited claims from creditors and received two Resolution Plans, one from Wather Investment and Trading Co. Pvt. Ltd. and another from Pradeep Metals Ltd. The Committee of Creditors (CoC) rejected the plan from Pradeep Metals Ltd. because the resolution amount was significantly lower than the liquidation value of the Corporate Debtor (Rs. 1.92 crores vs. Rs. 4.32 crores). Wather Investment and Trading Co. Pvt. Ltd. submitted a revised plan, which was approved by the CoC on 2019-01-03. The approved
…Corporate Debtor was put under Corporate…
Mr. V.S. Rao Nagulapati confirmed as…