The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated against Venky Hi-Tech Ispat Ltd. due to its inability to pay a debt exceeding Rs. 25 crores to its financial creditor, Laxmi Glasslands Pvt. Ltd. Laxmi Glasslands Pvt. Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Adjudicating Authority admitted the application and initiated CIRP. An Interim Resolution Professional (IRP) was appointed, who took charge of the affairs of the Corporate Debtor and made a public announcement of the CIRP, inviting claims from creditors. The Committee of Creditors (CoC) was formed, consisting of State Bank of India and Laxmi Glasslands Private Ltd. The CoC approved a resolution plan submitted by Gliana Tradecom LLP.
Laxmi Glasslands Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Venky Hi-Tech Ispat Ltd. (Corporate Debtor) due to its inability to pay a debt exceeding Rs. 25 crores. The Adjudicating Authority admitted the application on 2018-05-08 and initiated the Corporate Insolvency Resolution Process (CIRP). Mr. Jitendra Lohia was appointed as the Interim Resolution Professional (IRP). The IRP took charge and made a public announcement on 2018-05-12, inviting claims from creditors by 2018-05-22. The IRP received claims from two financial creditors and nine operational creditors. The Committee of Creditors (CoC) was formed, consisting of State Bank of India (99.43% voting share) and Laxmi Glasslands
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The Adjudicating…
The IRP made public…
The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated against Venky Hi-Tech Ispat Ltd. due to its inability to pay a debt exceeding Rs. 25 crores to its financial creditor, Laxmi Glasslands Pvt. Ltd. Laxmi Glasslands Pvt. Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Adjudicating Authority admitted the application and initiated CIRP. An Interim Resolution Professional (IRP) was appointed, who took charge of the affairs of the Corporate Debtor and made a public announcement of the CIRP, inviting claims from creditors. The Committee of Creditors (CoC) was formed, consisting of State Bank of India and Laxmi Glasslands Private Ltd. The CoC approved a resolution plan submitted by Gliana Tradecom LLP.
Laxmi Glasslands Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Venky Hi-Tech Ispat Ltd. (Corporate Debtor) due to its inability to pay a debt exceeding Rs. 25 crores. The Adjudicating Authority admitted the application on 2018-05-08 and initiated the Corporate Insolvency Resolution Process (CIRP). Mr. Jitendra Lohia was appointed as the Interim Resolution Professional (IRP). The IRP took charge and made a public announcement on 2018-05-12, inviting claims from creditors by 2018-05-22. The IRP received claims from two financial creditors and nine operational creditors. The Committee of Creditors (CoC) was formed, consisting of State Bank of India (99.43% voting share) and Laxmi Glasslands
…The Adjudicating…
The IRP made public…