Jai Balaji Industries Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Shriramrathi Steels Private Limited, the Corporate Debtor. The application was admitted on August 2, 2018, and an Interim Resolution Professional, Sri Rakesh Kumar Agarwal, was appointed. The Resolution Professional initiated the resolution process and invited expressions of interest. However, only one Resolution Plan was received from M/s. Rare Asset Reconstruction Limited (RARE ARC).
Jai Balaji Industries Limited, acting as an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Shriramrathi Steels Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on August 2, 2018. Rakesh Kumar Agarwal was appointed as the Interim Resolution Professional. Only one resolution plan was received from Rare Asset Reconstruction Limited (RARE ARC). The Committee of Creditors (CoC), consisting solely of Indian Overseas Bank, rejected the resolution plan due to a significant haircut (Rs. 21 crores offered against dues of Rs. 167 crores), extended payment tenure, and the use of unsecured SRs for payment. The CoC highlighted these concerns in a meeting on March 29, 2019. The Resolution
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The Insolven…
The application filed by…
Jai Balaji Industries Limited, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Shriramrathi Steels Private Limited, the Corporate Debtor. The application was admitted on August 2, 2018, and an Interim Resolution Professional, Sri Rakesh Kumar Agarwal, was appointed. The Resolution Professional initiated the resolution process and invited expressions of interest. However, only one Resolution Plan was received from M/s. Rare Asset Reconstruction Limited (RARE ARC).
Jai Balaji Industries Limited, acting as an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Shriramrathi Steels Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on August 2, 2018. Rakesh Kumar Agarwal was appointed as the Interim Resolution Professional. Only one resolution plan was received from Rare Asset Reconstruction Limited (RARE ARC). The Committee of Creditors (CoC), consisting solely of Indian Overseas Bank, rejected the resolution plan due to a significant haircut (Rs. 21 crores offered against dues of Rs. 167 crores), extended payment tenure, and the use of unsecured SRs for payment. The CoC highlighted these concerns in a meeting on March 29, 2019. The Resolution
…The Insolven…
The application filed by…