The case pertains to the corporate insolvency resolution process (CIRP) of Uttam Strips Ltd. initiated upon an application filed by Power2sme Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2018-04-09, and CIRP was ordered. Sanjay Gupta was appointed as the Resolution Professional (RP).
Power2sme Pvt. Ltd. filed an application under Section 9 of the IBC against Uttam Strips Ltd. (Corporate Debtor) which was admitted on 2018-04-09, initiating CIRP. Sanjay Gupta was appointed as the Resolution Professional (RP). Uttam Strips Ltd. is involved in the manufacturing of steel and steel products. The company faced insolvency due to strategic expansion between 2008 and 2012, which increased installed capacity from 75,000 MTPA to 2,50,000 MTPA, and venturing into home furnishing products, leading to defaults with lenders. Jyoti Strips Ltd. (RA) submitted a resolution plan that was approved by the CoC with 100% votes. The resolution plan included restructuring operations, raw material sourcing, and financial proposals. The RA requested specific reliefs,
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The Tribunal admitted the application filed…
The resolution professional was appointed…
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The case pertains to the corporate insolvency resolution process (CIRP) of Uttam Strips Ltd. initiated upon an application filed by Power2sme Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 2018-04-09, and CIRP was ordered. Sanjay Gupta was appointed as the Resolution Professional (RP).
Power2sme Pvt. Ltd. filed an application under Section 9 of the IBC against Uttam Strips Ltd. (Corporate Debtor) which was admitted on 2018-04-09, initiating CIRP. Sanjay Gupta was appointed as the Resolution Professional (RP). Uttam Strips Ltd. is involved in the manufacturing of steel and steel products. The company faced insolvency due to strategic expansion between 2008 and 2012, which increased installed capacity from 75,000 MTPA to 2,50,000 MTPA, and venturing into home furnishing products, leading to defaults with lenders. Jyoti Strips Ltd. (RA) submitted a resolution plan that was approved by the CoC with 100% votes. The resolution plan included restructuring operations, raw material sourcing, and financial proposals. The RA requested specific reliefs,
…The Tribunal admitted the application filed…
The resolution professional was appointed…
Sign in to view related legal provisions.