The case involves a company application filed by the Resolution Professional under section 30(6) of the Insolvency and Bankruptcy Code 2016 for approval of the resolution plan, which was approved by the committee of creditors of Swadisht Oils Private Limited. The Company Petition No. (IB)13 of 2017 was filed by J.R. Agro Industries P Limited against Swadisht Oils Private Limited. The petition was admitted, and a moratorium order was passed. Initially, Mr. Manish Gupta was appointed as IRP, but subsequently, Mr. Vikram Bajaj was appointed as RP. The above-referred order was challenged in appeal before NCLAT, which was dismissed, affirming the order. The Resolution Professional stated that there are only five financial creditors in the Committee of Creditors, with Jya
…J.R. Agro Industries P Limited filed a company petition against Swadisht Oils Private Limited, which was admitted on 30.05.2017, leading to a moratorium. Mr. Manish Gupta was initially appointed as IRP, later replaced by Mr. Vikram Bajaj. The Resolution Professional invited resolution plans, receiving submissions from JR Agro Industries P Ltd. and Rajasthan Liquors Ltd. (RLL). The Resolution Professional initially viewed JR Agro Industries P Ltd. as disqualified under section 29A of IBC. The Committee of Creditors (CoC) comprised five financial creditors, with Jya Finance and Investment Company Limited, a related party, not participating in voting. The CoC unanimously approved the plan submitted by RLL and rejected the plan submitted by JR Agro Industries P Ltd.
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Company Petition No.(IB)13/ALD/2017 filed by…
The petition was…
The case involves a company application filed by the Resolution Professional under section 30(6) of the Insolvency and Bankruptcy Code 2016 for approval of the resolution plan, which was approved by the committee of creditors of Swadisht Oils Private Limited. The Company Petition No. (IB)13 of 2017 was filed by J.R. Agro Industries P Limited against Swadisht Oils Private Limited. The petition was admitted, and a moratorium order was passed. Initially, Mr. Manish Gupta was appointed as IRP, but subsequently, Mr. Vikram Bajaj was appointed as RP. The above-referred order was challenged in appeal before NCLAT, which was dismissed, affirming the order. The Resolution Professional stated that there are only five financial creditors in the Committee of Creditors, with Jya
…J.R. Agro Industries P Limited filed a company petition against Swadisht Oils Private Limited, which was admitted on 30.05.2017, leading to a moratorium. Mr. Manish Gupta was initially appointed as IRP, later replaced by Mr. Vikram Bajaj. The Resolution Professional invited resolution plans, receiving submissions from JR Agro Industries P Ltd. and Rajasthan Liquors Ltd. (RLL). The Resolution Professional initially viewed JR Agro Industries P Ltd. as disqualified under section 29A of IBC. The Committee of Creditors (CoC) comprised five financial creditors, with Jya Finance and Investment Company Limited, a related party, not participating in voting. The CoC unanimously approved the plan submitted by RLL and rejected the plan submitted by JR Agro Industries P Ltd.
…Company Petition No.(IB)13/ALD/2017 filed by…
The petition was…