The case pertains to IA No. 173/2019 filed in CP(IB)No.302/7/HDB/2018 under Section 30 of the IB Code, 2016, seeking approval of the Resolution Plan for M/s Kamini Metalliks Private Limited. The Corporate Debtor, VBC Industries Ltd, was admitted into CIRP on 2018-04-13. The Resolution Professional (RP) published an invitation for Expression of Interest (EOI) and received multiple proposals. The Committee of Creditors (CoC) analyzed the proposals and declared M/s. Kamini Metalliks Pvt Ltd as H1. The Resolution Applicant improved their offer to Rs. 98.15 Crores. The CoC approved the Resolution Plan with a 100% majority in its 15th meeting held on 2019-02-21.
The Corporate Debtor, VBC Industries Ltd, was admitted into CIRP on 2018-04-13. Mr. CS Ahalada Roa Vummenathala was appointed as IRP, and later Mr. TSN Raja was appointed as RP on 2018-06-01. The RP published an invitation for EOI on 2018-09-12 and received 8 EOIs. Three resolution proposals were received from M/s. Raaga Mayuri Builders Pvt Ltd, M/s. Amaravathi Textiles Pvt Ltd & M/s. Kamini Metalliks Pvt Ltd. M/s. Raaga Mayuri Builders Pvt Ltd dropped out. The CoC declared M/s. Kamini Metalliks Pvt Ltd as H1. M/s. Kamini Metalliks Pvt Ltd improved their offer to Rs. 98.15 Crores from Rs. 81.5 Crores. The liquidation value of the Corporate Debtor's estate is Rs. 72 Crore. The Corporate Debtor owns investments valued at Rs. 27 crores, mainly in M/s. Konaseema Gas
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Corporate D…
Mr. TSN Raja a…
The case pertains to IA No. 173/2019 filed in CP(IB)No.302/7/HDB/2018 under Section 30 of the IB Code, 2016, seeking approval of the Resolution Plan for M/s Kamini Metalliks Private Limited. The Corporate Debtor, VBC Industries Ltd, was admitted into CIRP on 2018-04-13. The Resolution Professional (RP) published an invitation for Expression of Interest (EOI) and received multiple proposals. The Committee of Creditors (CoC) analyzed the proposals and declared M/s. Kamini Metalliks Pvt Ltd as H1. The Resolution Applicant improved their offer to Rs. 98.15 Crores. The CoC approved the Resolution Plan with a 100% majority in its 15th meeting held on 2019-02-21.
The Corporate Debtor, VBC Industries Ltd, was admitted into CIRP on 2018-04-13. Mr. CS Ahalada Roa Vummenathala was appointed as IRP, and later Mr. TSN Raja was appointed as RP on 2018-06-01. The RP published an invitation for EOI on 2018-09-12 and received 8 EOIs. Three resolution proposals were received from M/s. Raaga Mayuri Builders Pvt Ltd, M/s. Amaravathi Textiles Pvt Ltd & M/s. Kamini Metalliks Pvt Ltd. M/s. Raaga Mayuri Builders Pvt Ltd dropped out. The CoC declared M/s. Kamini Metalliks Pvt Ltd as H1. M/s. Kamini Metalliks Pvt Ltd improved their offer to Rs. 98.15 Crores from Rs. 81.5 Crores. The liquidation value of the Corporate Debtor's estate is Rs. 72 Crore. The Corporate Debtor owns investments valued at Rs. 27 crores, mainly in M/s. Konaseema Gas
…Corporate D…
Mr. TSN Raja a…