The case involves a resolution plan submitted by Mr. Mahendra Wig, related to the promoter directors of the Corporate Debtor Company, Wig Associates Private Limited. The company was admitted into Corporate Insolvency Resolution Process (CIRP) on 24th August 2017, following a petition filed on 19th July 2017 by Wig Associates Private Limited itself, due to an admitted debt of Rs. 4,85,14,000/- to Bank of Baroda. An interim resolution professional, Mr. S.K. Gola, was appointed. The Resolution Professional submitted progress reports and appraised the financial position. The Bank of Baroda, the sole financial creditor, approved a One Time Settlement (OTS) offer issued by Mr. Mahendra Wig. The resolution plan was approved in the fourth meeting held on 20th April 2018.
Wig Associates Private Limited (WAPL), the Corporate Debtor, initiated Corporate Insolvency Resolution Process (CIRP) against itself due to a debt of Rs. 4,85,14,000/- to Bank of Baroda (BOB). The petition was admitted on 24th August 2017. Mr. Mahendra Wig, related to the promoter directors of WAPL, submitted a resolution plan. BOB, the sole financial creditor, approved a One Time Settlement (OTS) offer from Mr. Wig. The resolution plan proposed an infusion of Rs. 326.50 Lakhs. The liquidation value available to operational creditors was nil. The resolution plan proposed settling operational creditors at 5% of their dues. Mr. Wig had already paid Rs. 103 Lakhs to BOB towards the OTS proposal. Section 29-A of the Insolvency and Bankruptcy Code (IBC), 2016, which
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M/s. Wig Associates Private Limited filed a…
An order was pronounced in C.P. No.…
The case involves a resolution plan submitted by Mr. Mahendra Wig, related to the promoter directors of the Corporate Debtor Company, Wig Associates Private Limited. The company was admitted into Corporate Insolvency Resolution Process (CIRP) on 24th August 2017, following a petition filed on 19th July 2017 by Wig Associates Private Limited itself, due to an admitted debt of Rs. 4,85,14,000/- to Bank of Baroda. An interim resolution professional, Mr. S.K. Gola, was appointed. The Resolution Professional submitted progress reports and appraised the financial position. The Bank of Baroda, the sole financial creditor, approved a One Time Settlement (OTS) offer issued by Mr. Mahendra Wig. The resolution plan was approved in the fourth meeting held on 20th April 2018.
Wig Associates Private Limited (WAPL), the Corporate Debtor, initiated Corporate Insolvency Resolution Process (CIRP) against itself due to a debt of Rs. 4,85,14,000/- to Bank of Baroda (BOB). The petition was admitted on 24th August 2017. Mr. Mahendra Wig, related to the promoter directors of WAPL, submitted a resolution plan. BOB, the sole financial creditor, approved a One Time Settlement (OTS) offer from Mr. Wig. The resolution plan proposed an infusion of Rs. 326.50 Lakhs. The liquidation value available to operational creditors was nil. The resolution plan proposed settling operational creditors at 5% of their dues. Mr. Wig had already paid Rs. 103 Lakhs to BOB towards the OTS proposal. Section 29-A of the Insolvency and Bankruptcy Code (IBC), 2016, which
…M/s. Wig Associates Private Limited filed a…
An order was pronounced in C.P. No.…