The case pertains to an application filed under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) for approval of a resolution plan for Apollo Polyvinyl Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the IBC by a Financial Creditor. The Resolution Professional (RP) was appointed, and a Committee of Creditors (CoC) was constituted. The RP received claims from financial and operational creditors, and the CoC approved eligibility criteria for prospective resolution applicants. After several CoC meetings, the resolution plan submitted by Cleena Industries Private Limited was approved with 100% voting share.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Apollo Polyvinyl Private Limited based on an application under Section 7 of the IBC, 2016, by a Financial Creditor. Ashok Seshadri was appointed as the Resolution Professional (RP). Claims were received from two Financial Creditors: State Bank of India and Canara Bank, leading to the formation of a Committee of Creditors (CoC) with voting shares of 57.95% and 42.05%, respectively. Operational Creditors submitted claims amounting to Rs. 1,19,75,262, of which Rs. 65,42,449 was admitted. Other creditors submitted claims of Rs. 25,57,60,853, with Rs. 11,45,38,351.50 admitted. The RP received Expressions of Interest (EoI) from 16 Prospective Resolution Applicants (PRAs), but only 6 provided detailed
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CIRP initiated against…
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The case pertains to an application filed under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) for approval of a resolution plan for Apollo Polyvinyl Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the IBC by a Financial Creditor. The Resolution Professional (RP) was appointed, and a Committee of Creditors (CoC) was constituted. The RP received claims from financial and operational creditors, and the CoC approved eligibility criteria for prospective resolution applicants. After several CoC meetings, the resolution plan submitted by Cleena Industries Private Limited was approved with 100% voting share.
The Corporate Insolvency Resolution Process (CIRP) was initiated against Apollo Polyvinyl Private Limited based on an application under Section 7 of the IBC, 2016, by a Financial Creditor. Ashok Seshadri was appointed as the Resolution Professional (RP). Claims were received from two Financial Creditors: State Bank of India and Canara Bank, leading to the formation of a Committee of Creditors (CoC) with voting shares of 57.95% and 42.05%, respectively. Operational Creditors submitted claims amounting to Rs. 1,19,75,262, of which Rs. 65,42,449 was admitted. Other creditors submitted claims of Rs. 25,57,60,853, with Rs. 11,45,38,351.50 admitted. The RP received Expressions of Interest (EoI) from 16 Prospective Resolution Applicants (PRAs), but only 6 provided detailed
…CIRP initiated against…
Paper publica…