The case involves a resolution plan proposed by the Committee of Creditors (CoC) for Unitech Transformers Pvt. Ltd. The resolution plan was pending approval. A member of the CoC, Bharat Co-operative Bank (Mumbai) Ltd., expressed its intent for liquidation via a letter dated 2019-04-16, citing the failure of a prospective purchaser to submit required documents for loan sanctioning. The resolution plan, approved by the Committee of Creditors on 2018-12-08, aimed to sell factory premises. The letter from Bharat Co-operative Bank requested a fresh CoC meeting and submission of a resolution plan for liquidation, as the 270-day period had elapsed.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Unitech Transformers Pvt. Ltd. A resolution plan, approved by the Committee of Creditors (CoC) on 2018-12-08, involved the sale of the company's factory premises. Bharat Co-operative Bank (Mumbai) Ltd., a member of the CoC, sent a letter dated 2019-04-16 expressing its intent for liquidation, citing the failure of a prospective purchaser to provide necessary documents for loan approval. The 270-day period for the resolution process had expired on 2018-12-17. The court discussed the resolution plan and the letter, suggesting that the CoC reconsider the plan. A meeting of the CoC was scheduled for 2019-05-20. The matter was listed for further hearing on 2019-06-04. The Principal Borrower, Unitech
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Resolution plan of…
This MA is fi…
The case involves a resolution plan proposed by the Committee of Creditors (CoC) for Unitech Transformers Pvt. Ltd. The resolution plan was pending approval. A member of the CoC, Bharat Co-operative Bank (Mumbai) Ltd., expressed its intent for liquidation via a letter dated 2019-04-16, citing the failure of a prospective purchaser to submit required documents for loan sanctioning. The resolution plan, approved by the Committee of Creditors on 2018-12-08, aimed to sell factory premises. The letter from Bharat Co-operative Bank requested a fresh CoC meeting and submission of a resolution plan for liquidation, as the 270-day period had elapsed.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Unitech Transformers Pvt. Ltd. A resolution plan, approved by the Committee of Creditors (CoC) on 2018-12-08, involved the sale of the company's factory premises. Bharat Co-operative Bank (Mumbai) Ltd., a member of the CoC, sent a letter dated 2019-04-16 expressing its intent for liquidation, citing the failure of a prospective purchaser to provide necessary documents for loan approval. The 270-day period for the resolution process had expired on 2018-12-17. The court discussed the resolution plan and the letter, suggesting that the CoC reconsider the plan. A meeting of the CoC was scheduled for 2019-05-20. The matter was listed for further hearing on 2019-06-04. The Principal Borrower, Unitech
…Resolution plan of…
This MA is fi…