This is an Interlocutory Application filed by the Resolution Professional (RP) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The RP of Unimark Remedies Limited, the corporate debtor, seeks directions from the Tribunal regarding an order dated 24.02.2020. This order was passed in an application filed by Corporation Bank challenging the resolution plan approved by the CoC and seeking the appointment of fresh valuers. The insolvency resolution process was initiated by ICICI Bank Limited under Section 7, admitted on 03.04.2018. An application was filed by the RP seeking approval of a resolution plan submitted by the ARCIL Consortium, approved by 72.25% of the CoC. Corporation Bank filed an application objecting to the approval of the Resolution Plan,
…The Resolution Professional (RP) of Unimark Remedies Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions from the NCLT regarding the valuation of the corporate debtor's assets. ICICI Bank initiated the insolvency resolution process under Section 7, which was admitted on 03.04.2018. The RP sought approval for a resolution plan submitted by the ARCIL Consortium, which was approved by 72.25% of the Committee of Creditors (CoC). Corporation Bank, a creditor holding approximately 7% of the share in the CoC, objected to the resolution plan and sought the appointment of fresh valuers. A split verdict was delivered on 11.09.2019 regarding the appointment of an independent valuer, leading to an appeal before the
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Insolvency resolution process initiated by…
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This is an Interlocutory Application filed by the Resolution Professional (RP) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. The RP of Unimark Remedies Limited, the corporate debtor, seeks directions from the Tribunal regarding an order dated 24.02.2020. This order was passed in an application filed by Corporation Bank challenging the resolution plan approved by the CoC and seeking the appointment of fresh valuers. The insolvency resolution process was initiated by ICICI Bank Limited under Section 7, admitted on 03.04.2018. An application was filed by the RP seeking approval of a resolution plan submitted by the ARCIL Consortium, approved by 72.25% of the CoC. Corporation Bank filed an application objecting to the approval of the Resolution Plan,
…The Resolution Professional (RP) of Unimark Remedies Limited filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions from the NCLT regarding the valuation of the corporate debtor's assets. ICICI Bank initiated the insolvency resolution process under Section 7, which was admitted on 03.04.2018. The RP sought approval for a resolution plan submitted by the ARCIL Consortium, which was approved by 72.25% of the Committee of Creditors (CoC). Corporation Bank, a creditor holding approximately 7% of the share in the CoC, objected to the resolution plan and sought the appointment of fresh valuers. A split verdict was delivered on 11.09.2019 regarding the appointment of an independent valuer, leading to an appeal before the
…Insolvency resolution process initiated by…
A split verdict was…