The case involves corporate insolvency resolution process (CIRP) initiated against Supreme Tex Mart Ltd. by Allahabad Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 29.09.2017, and a moratorium was declared. Mr. Bhupesh Gupta was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) comprising 12 financial creditors. The CoC confirmed the IRP as the Resolution Professional (RP). The RP invited Expression of Interest (EOI) for resolution plans, and several plans were submitted and revised. CA No.265 of 2018 was filed by Supreme Association of Employees of the Corporate Debtor, claiming that liquidation should be avoided. The CoC ultimately decided to liquidate the
…Allahabad Bank initiated CIRP against Supreme Tex Mart Ltd. under Section 7 of IBC. The petition was admitted on 2017-09-29, and a moratorium was declared. Bhupesh Gupta was appointed as IRP and later confirmed as RP. The CoC comprised 12 financial creditors. The CoC invited EOIs for resolution plans, and four entities submitted them. The CoC re-invited EOIs and extended the submission deadline. Two plans were received, one of which was rejected. The CoC decided to get a fresh valuation due to variations in earlier valuations. The CoC rejected the resolution plan offered by the sole resolution applicant on 2018-05-25. The joint applicants presented a resolution plan of ₹231.16 Crores on 2018-06-13, which was also rejected by the CoC. The upfront cash payment of ₹70
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Petition filed by…
Mr. Bhupesh Gupta…
The case involves corporate insolvency resolution process (CIRP) initiated against Supreme Tex Mart Ltd. by Allahabad Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 29.09.2017, and a moratorium was declared. Mr. Bhupesh Gupta was appointed as the Interim Resolution Professional (IRP). The IRP constituted a Committee of Creditors (CoC) comprising 12 financial creditors. The CoC confirmed the IRP as the Resolution Professional (RP). The RP invited Expression of Interest (EOI) for resolution plans, and several plans were submitted and revised. CA No.265 of 2018 was filed by Supreme Association of Employees of the Corporate Debtor, claiming that liquidation should be avoided. The CoC ultimately decided to liquidate the
…Allahabad Bank initiated CIRP against Supreme Tex Mart Ltd. under Section 7 of IBC. The petition was admitted on 2017-09-29, and a moratorium was declared. Bhupesh Gupta was appointed as IRP and later confirmed as RP. The CoC comprised 12 financial creditors. The CoC invited EOIs for resolution plans, and four entities submitted them. The CoC re-invited EOIs and extended the submission deadline. Two plans were received, one of which was rejected. The CoC decided to get a fresh valuation due to variations in earlier valuations. The CoC rejected the resolution plan offered by the sole resolution applicant on 2018-05-25. The joint applicants presented a resolution plan of ₹231.16 Crores on 2018-06-13, which was also rejected by the CoC. The upfront cash payment of ₹70
…Petition filed by…
Mr. Bhupesh Gupta…