This case involves an application (I.A. (IB) No. 616/KB/2021) filed in an ongoing corporate insolvency resolution process (CIRP) under C.P. (IB) No. 956/KB/2018. The application was filed by the Resolution Professional (RP) of Swati Udyog Private Limited, seeking clarification or modification of a previous order dated 2021-06-16, specifically regarding the release of a corporate guarantee provided by Vaishnavi Metal and Power Private Limited, a wholly-owned subsidiary of the Corporate Debtor. The applicant contends that the release of this guarantee is crucial for the successful implementation of the Resolution Plan.
Swati Udyog Private Limited is undergoing CIRP. Vaishnavi Metal and Power Private Limited, a wholly-owned subsidiary of Swati Udyog, provided a corporate guarantee to the Financial Creditors of Swati Udyog. This guarantee is secured by a property owned by Vaishnavi Metal and Power Private Limited, which is leased to Swati Udyog. The Resolution Applicant sought the release of this corporate guarantee as part of the Resolution Plan. The CoC initially agreed to the release, but Respondent No. 3 later objected. The Resolution Plan was approved by the Adjudicating Authority, but the order lacked clarity regarding the release of the guarantee. The Resolution Applicant then filed an application seeking clarification or modification of the order to ensure the release of the
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Vaishnavi Metal and Power Private Limited…
Lease Dee…
This case involves an application (I.A. (IB) No. 616/KB/2021) filed in an ongoing corporate insolvency resolution process (CIRP) under C.P. (IB) No. 956/KB/2018. The application was filed by the Resolution Professional (RP) of Swati Udyog Private Limited, seeking clarification or modification of a previous order dated 2021-06-16, specifically regarding the release of a corporate guarantee provided by Vaishnavi Metal and Power Private Limited, a wholly-owned subsidiary of the Corporate Debtor. The applicant contends that the release of this guarantee is crucial for the successful implementation of the Resolution Plan.
Swati Udyog Private Limited is undergoing CIRP. Vaishnavi Metal and Power Private Limited, a wholly-owned subsidiary of Swati Udyog, provided a corporate guarantee to the Financial Creditors of Swati Udyog. This guarantee is secured by a property owned by Vaishnavi Metal and Power Private Limited, which is leased to Swati Udyog. The Resolution Applicant sought the release of this corporate guarantee as part of the Resolution Plan. The CoC initially agreed to the release, but Respondent No. 3 later objected. The Resolution Plan was approved by the Adjudicating Authority, but the order lacked clarity regarding the release of the guarantee. The Resolution Applicant then filed an application seeking clarification or modification of the order to ensure the release of the
…Vaishnavi Metal and Power Private Limited…
Lease Dee…