The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Zion Steel Limited under Section 7 of the Insolvency & Bankruptcy Code, 2016, due to the corporate debtor's default in paying loan installments. The Adjudicating Authority admitted the CIRP on 03.08.2017 and imposed a moratorium under Section 14 of the I&B Code. Mr. Sumit Binani was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Public announcement of CIRP was made on 21.09.2017, leading to the submission of claims by financial and operational creditors. The initial 180-day CIRP period was extended by 90 days. The Committee of Creditors (CoC) considered multiple resolution plans, including one from Edelweiss Assets
…State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Zion Steel Limited due to defaults in loan repayment. SBI filed the application under Section 7 of the Insolvency & Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the application on 03.08.2017 and imposed a moratorium. Sumit Binani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement of the CIRP was made on 21.09.2017, inviting claims from creditors. The initial 180-day CIRP period was extended by 90 days. Edelweiss Assets Reconstruction Ltd. submitted a resolution plan, which was later annulled by the CoC. Liberty House Group Pte Ltd. submitted a resolution plan that was
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The Adjudicating Authority admitted the CIRP…
Mr. Binani issued…
The State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Zion Steel Limited under Section 7 of the Insolvency & Bankruptcy Code, 2016, due to the corporate debtor's default in paying loan installments. The Adjudicating Authority admitted the CIRP on 03.08.2017 and imposed a moratorium under Section 14 of the I&B Code. Mr. Sumit Binani was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Public announcement of CIRP was made on 21.09.2017, leading to the submission of claims by financial and operational creditors. The initial 180-day CIRP period was extended by 90 days. The Committee of Creditors (CoC) considered multiple resolution plans, including one from Edelweiss Assets
…State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Zion Steel Limited due to defaults in loan repayment. SBI filed the application under Section 7 of the Insolvency & Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the application on 03.08.2017 and imposed a moratorium. Sumit Binani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement of the CIRP was made on 21.09.2017, inviting claims from creditors. The initial 180-day CIRP period was extended by 90 days. Edelweiss Assets Reconstruction Ltd. submitted a resolution plan, which was later annulled by the CoC. Liberty House Group Pte Ltd. submitted a resolution plan that was
…The Adjudicating Authority admitted the CIRP…
Mr. Binani issued…