The case involves a review of decisions made by the Committee of Creditors (CoC) regarding a resolution plan submitted by Lucky Generator, a claim of Rs. 120 lakhs by SR Foils/GMG, and issues related to Religare. The CoC sought legal opinion and made decisions regarding the acceptance of the resolution plan, inclusion of advocate fees in CIRP costs, and adjustment of FDR proceeds by ICICI Bank. The matter also involves disputes over a Rs. 120 lakh claim related to a Memorandum of Understanding (MOU) and sale deeds between the Corporate Debtor and GMG Engineers and Contractors.
ICICI Bank Limited initiated insolvency proceedings against SR Foils and Tissue Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CoC considered a revised undertaking filed by SR Foils And Hygien Pvt. Ltd. and a claim of Rs. 120 lakhs by SR Foils/GMG. The CoC sought legal opinion on accepting a resolution plan submitted by Lucky Generator. The CoC decided to include advocate fees in CIRP costs and allow ICICI Bank to adjust FDR proceeds. A dispute arose regarding a Rs. 120 lakh claim by the buyer (GMG Engineers and Contractors) based on an MOU with the Corporate Debtor. The CoC rejected this claim, citing discrepancies with registered sale deeds. Religare was also involved, with issues concerning amounts received and credit facilities granted to
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The case involves a review of decisions made by the Committee of Creditors (CoC) regarding a resolution plan submitted by Lucky Generator, a claim of Rs. 120 lakhs by SR Foils/GMG, and issues related to Religare. The CoC sought legal opinion and made decisions regarding the acceptance of the resolution plan, inclusion of advocate fees in CIRP costs, and adjustment of FDR proceeds by ICICI Bank. The matter also involves disputes over a Rs. 120 lakh claim related to a Memorandum of Understanding (MOU) and sale deeds between the Corporate Debtor and GMG Engineers and Contractors.
ICICI Bank Limited initiated insolvency proceedings against SR Foils and Tissue Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CoC considered a revised undertaking filed by SR Foils And Hygien Pvt. Ltd. and a claim of Rs. 120 lakhs by SR Foils/GMG. The CoC sought legal opinion on accepting a resolution plan submitted by Lucky Generator. The CoC decided to include advocate fees in CIRP costs and allow ICICI Bank to adjust FDR proceeds. A dispute arose regarding a Rs. 120 lakh claim by the buyer (GMG Engineers and Contractors) based on an MOU with the Corporate Debtor. The CoC rejected this claim, citing discrepancies with registered sale deeds. Religare was also involved, with issues concerning amounts received and credit facilities granted to
…Order delive…
In the order dated…
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