The case pertains to an application filed under Section 30(6) r/w Section 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of a resolution plan for Altair Industrial Technologies Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 10 of the Code. An interim resolution professional was appointed, and a Committee of Creditors (CoC) was constituted. The initial resolution plan was rejected, and the CoC proposed liquidation. Subsequently, a revised resolution plan was submitted by Sethi Funds Management Private Limited & its affiliated companies, along with Mr. Anil Anand and Mr. Anoop Anand, and approved by 91.95% of the CoC. The resolution applicant deposited an Earnest Money
…Altair Industrial Technologies Private Limited ('Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. Mr. Harshad S. Deshpande was the Resolution Professional. The Committee of Creditors (CoC) included Bank of India (BoI) with 91.95% voting share and Small Industries Development Bank of India (SIDBI) with 8.05% voting share. An initial resolution plan was rejected, leading to a proposed liquidation. Subsequently, a revised resolution plan was submitted by Sethi Funds Management Private Limited & its affiliated companies, along with Mr. Anil Anand and Mr. Anoop Anand ('Successful Resolution Applicant'). The revised plan was approved by 91.95% of the CoC. The
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Application filed under section 30(6), r/w…
Tribunal order for…
The case pertains to an application filed under Section 30(6) r/w Section 31(1) of the Insolvency & Bankruptcy Code, 2016, seeking approval of a resolution plan for Altair Industrial Technologies Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 10 of the Code. An interim resolution professional was appointed, and a Committee of Creditors (CoC) was constituted. The initial resolution plan was rejected, and the CoC proposed liquidation. Subsequently, a revised resolution plan was submitted by Sethi Funds Management Private Limited & its affiliated companies, along with Mr. Anil Anand and Mr. Anoop Anand, and approved by 91.95% of the CoC. The resolution applicant deposited an Earnest Money
…Altair Industrial Technologies Private Limited ('Corporate Debtor') underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. Mr. Harshad S. Deshpande was the Resolution Professional. The Committee of Creditors (CoC) included Bank of India (BoI) with 91.95% voting share and Small Industries Development Bank of India (SIDBI) with 8.05% voting share. An initial resolution plan was rejected, leading to a proposed liquidation. Subsequently, a revised resolution plan was submitted by Sethi Funds Management Private Limited & its affiliated companies, along with Mr. Anil Anand and Mr. Anoop Anand ('Successful Resolution Applicant'). The revised plan was approved by 91.95% of the CoC. The
…Application filed under section 30(6), r/w…
Tribunal order for…