The case involves an application seeking the release of a Performance Bank Guarantee. The Operational Creditor, M/s Priya Trading Company, initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Veda Biofuel Limited, due to alleged default in payment. The NCLT Hyderabad Bench admitted the petition and appointed an Interim Resolution Professional (IRP). The matter was then transferred to the NCLT Amaravati Bench. The applicant furnished a performance bank guarantee. Subsequently, a restructuring plan was submitted, but the NCLT rejected the Resolution Plan/Restructuring Plan.
M/s Priya Trading Company, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Veda Biofuel Limited due to payment defaults. The NCLT Hyderabad Bench admitted the petition on 2019-02-12 and appointed an Interim Resolution Professional (IRP). The case was transferred to NCLT Amaravati Bench on 2019-07-29. Mr. Sisir Kumar Appikatla was appointed as the Resolution Professional (RP) on 2019-09-27. The Applicant furnished a performance bank guarantee of Rs. 5,00,00,000/- on 2019-12-24. A restructuring plan was submitted by the Applicant in collaboration with Mr. P. Vijay Kumar, former promoter of the Corporate Debtor, and approved by the Committee of Creditors (CoC) on 2020-03-03. The Resolution Professional filed IA No. 64 of 2020
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NCLT Hyderabad Bench admitted the petition filed…
The matter was…
The case involves an application seeking the release of a Performance Bank Guarantee. The Operational Creditor, M/s Priya Trading Company, initiated Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Veda Biofuel Limited, due to alleged default in payment. The NCLT Hyderabad Bench admitted the petition and appointed an Interim Resolution Professional (IRP). The matter was then transferred to the NCLT Amaravati Bench. The applicant furnished a performance bank guarantee. Subsequently, a restructuring plan was submitted, but the NCLT rejected the Resolution Plan/Restructuring Plan.
M/s Priya Trading Company, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Veda Biofuel Limited due to payment defaults. The NCLT Hyderabad Bench admitted the petition on 2019-02-12 and appointed an Interim Resolution Professional (IRP). The case was transferred to NCLT Amaravati Bench on 2019-07-29. Mr. Sisir Kumar Appikatla was appointed as the Resolution Professional (RP) on 2019-09-27. The Applicant furnished a performance bank guarantee of Rs. 5,00,00,000/- on 2019-12-24. A restructuring plan was submitted by the Applicant in collaboration with Mr. P. Vijay Kumar, former promoter of the Corporate Debtor, and approved by the Committee of Creditors (CoC) on 2020-03-03. The Resolution Professional filed IA No. 64 of 2020
…NCLT Hyderabad Bench admitted the petition filed…
The matter was…