The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan submitted for Transafe Services Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Syndicate Bank, the Financial Creditor, under Section 7 of the IBC. The Resolution Professional (RP), Anil Agarwal, was appointed and subsequently confirmed by the Committee of Creditors (CoC). The CIRP involved public announcements, invitation of claims from creditors, and several CoC meetings to evaluate resolution plans. Om Logistics Limited's resolution plan was approved by the CoC with 100% voting shares.
Syndicate Bank initiated Corporate Insolvency Resolution Process (CIRP) against Transafe Services Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Anil Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from financial and operational creditors. The RP received claims from six financial creditors and twenty-eight operational creditors. Fifteen Committee of Creditors (CoC) meetings were held during the CIRP period. Invitations for Expressions of Interest (EoI) were issued three times, with eight EoIs received. Three resolution plans were received from Om Logistics Limited, Western Carriers (India) Limited, and CRPL Infra
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Syndicate Bank filed the Company Petition in…
The Company Petition…
The case involves an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) for the approval of a resolution plan submitted for Transafe Services Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Syndicate Bank, the Financial Creditor, under Section 7 of the IBC. The Resolution Professional (RP), Anil Agarwal, was appointed and subsequently confirmed by the Committee of Creditors (CoC). The CIRP involved public announcements, invitation of claims from creditors, and several CoC meetings to evaluate resolution plans. Om Logistics Limited's resolution plan was approved by the CoC with 100% voting shares.
Syndicate Bank initiated Corporate Insolvency Resolution Process (CIRP) against Transafe Services Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Anil Agarwal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Public announcements were made to invite claims from financial and operational creditors. The RP received claims from six financial creditors and twenty-eight operational creditors. Fifteen Committee of Creditors (CoC) meetings were held during the CIRP period. Invitations for Expressions of Interest (EoI) were issued three times, with eight EoIs received. Three resolution plans were received from Om Logistics Limited, Western Carriers (India) Limited, and CRPL Infra
…Syndicate Bank filed the Company Petition in…
The Company Petition…