The case involves the Corporate Insolvency Resolution Process (CIRP) of SPS Steels Rolling Mills Limited. Allahabad Bank initiated the process under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) sought approval of the resolution plan, which was initially approved by the Committee of Creditors (CoC) with 100% vote share. Two resolution applicants, Shakambhari Ispat & Power Limited (SIPL) and Takshvi TMT Mills Private Limited (TTMPL), participated in the bidding process. The CoC adopted a process for outbidding, declaring SIPL as the H-1 bidder and TTMPL as the H-2 bidder. The suspended board of directors of the Corporate Debtor filed a writ petition before the Supreme Court, leading to directions for providing copies of the
…Allahabad Bank initiated CIRP against SPS Steels Rolling Mills Limited under Section 7 of IBC. Vijaykumar V. Iyer was appointed as the Resolution Professional. Two resolution applicants, SIPL and TTMPL, submitted resolution plans. The CoC adopted a process for outbidding, declaring SIPL as H-1 and TTMPL as H-2. TTMPL challenged the outbidding process and SIPL's eligibility under Section 29A, alleging that SIPL was a related party due to a manufacturing agreement with Dytron Marketing Services Pvt. Ltd., whose director was related to the Corporate Debtor's director. The suspended board of directors filed a writ petition in the Supreme Court, leading to directions for providing copies of the resolution plans and reconsidering them. The CoC re-approved SIPL's plan with
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Application admitted, appointing Mr.…
Resolution Professional informed the CoC that…
The case involves the Corporate Insolvency Resolution Process (CIRP) of SPS Steels Rolling Mills Limited. Allahabad Bank initiated the process under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) sought approval of the resolution plan, which was initially approved by the Committee of Creditors (CoC) with 100% vote share. Two resolution applicants, Shakambhari Ispat & Power Limited (SIPL) and Takshvi TMT Mills Private Limited (TTMPL), participated in the bidding process. The CoC adopted a process for outbidding, declaring SIPL as the H-1 bidder and TTMPL as the H-2 bidder. The suspended board of directors of the Corporate Debtor filed a writ petition before the Supreme Court, leading to directions for providing copies of the
…Allahabad Bank initiated CIRP against SPS Steels Rolling Mills Limited under Section 7 of IBC. Vijaykumar V. Iyer was appointed as the Resolution Professional. Two resolution applicants, SIPL and TTMPL, submitted resolution plans. The CoC adopted a process for outbidding, declaring SIPL as H-1 and TTMPL as H-2. TTMPL challenged the outbidding process and SIPL's eligibility under Section 29A, alleging that SIPL was a related party due to a manufacturing agreement with Dytron Marketing Services Pvt. Ltd., whose director was related to the Corporate Debtor's director. The suspended board of directors filed a writ petition in the Supreme Court, leading to directions for providing copies of the resolution plans and reconsidering them. The CoC re-approved SIPL's plan with
…Application admitted, appointing Mr.…
Resolution Professional informed the CoC that…