The Small Industries Development Bank of India, as a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Tirupati Jute Industries Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default of Rs. 7,18,21,128/-. The NCLT admitted the corporate debtor into CIRP on 2018-01-12 and appointed Mr. Pinaki Sircar as the Interim Resolution Professional (IRP). The IRP formed a Committee of Creditors (CoC) comprising Federal Bank Ltd., Small Industries Development Bank of India, and Abhinandan Holdings Private Ltd. The CoC approved a resolution plan submitted by K.L. Jute Products Pvt. Ltd. with a 97.25% voting share. Objections were raised by other resolution applicants and workers of the corporate
…Small Industries Development Bank of India initiated CIRP against Tirupati Jute Industries Limited due to a default of Rs. 7,18,21,128/-. The CIRP was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT admitted the corporate debtor into CIRP on 2018-01-12. Mr. Pinaki Sircar was appointed as the IRP. The IRP formed a CoC consisting of Federal Bank Ltd. (75.18% voting share), Small Industries Development Bank of India (22.51%), and Abhinandan Holdings Private Ltd. (2.31%). The CoC approved a resolution plan submitted by K.L. Jute Products Pvt. Ltd. with 97.25% voting share. The RP received three resolution plans. The corporate debtor had a lease agreement with Daaksh Jute LLP, which was running the jute mill. The resolution plan submitted by
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NCLT admitted Tirupati Jute Industries…
2nd CoC meeting held;…
The Small Industries Development Bank of India, as a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Tirupati Jute Industries Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default of Rs. 7,18,21,128/-. The NCLT admitted the corporate debtor into CIRP on 2018-01-12 and appointed Mr. Pinaki Sircar as the Interim Resolution Professional (IRP). The IRP formed a Committee of Creditors (CoC) comprising Federal Bank Ltd., Small Industries Development Bank of India, and Abhinandan Holdings Private Ltd. The CoC approved a resolution plan submitted by K.L. Jute Products Pvt. Ltd. with a 97.25% voting share. Objections were raised by other resolution applicants and workers of the corporate
…Small Industries Development Bank of India initiated CIRP against Tirupati Jute Industries Limited due to a default of Rs. 7,18,21,128/-. The CIRP was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT admitted the corporate debtor into CIRP on 2018-01-12. Mr. Pinaki Sircar was appointed as the IRP. The IRP formed a CoC consisting of Federal Bank Ltd. (75.18% voting share), Small Industries Development Bank of India (22.51%), and Abhinandan Holdings Private Ltd. (2.31%). The CoC approved a resolution plan submitted by K.L. Jute Products Pvt. Ltd. with 97.25% voting share. The RP received three resolution plans. The corporate debtor had a lease agreement with Daaksh Jute LLP, which was running the jute mill. The resolution plan submitted by
…NCLT admitted Tirupati Jute Industries…
2nd CoC meeting held;…