The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 39(4) of the IBBI (Insolvency Resolution for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan submitted by Mr. Kumaran Sitaraman for Auromatrix Hotels Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Auromatrix Hotels Private Limited based on an application filed by IDBI Bank under Section 7 of the IBC. The Committee of Creditors (CoC) approved the resolution plan with a 100% voting share. The Resolution Professional (RP) verified the eligibility of the resolution applicants under Section 29A of the Code.
IDBI Bank initiated Corporate Insolvency Resolution Process (CIRP) against Auromatrix Hotels Private Limited (AHPL) under Section 7 of IBC. Tharuvai Ramachandran Ravichandran was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 29.11.2021, inviting creditors to submit claims. The Committee of Creditors (CoC) was constituted, with IDBI Bank Limited holding 24.33% voting share and Edelweiss Asset Reconstruction Company Limited holding 75.67%. Kumaran Sitaraman submitted a resolution plan, which was approved by the CoC with 100% majority. The resolution plan includes payment of CIRP costs, statutory dues, secured financial creditor (Edelweiss), and unsecured financial creditor (IDBI Bank). The plan also involves the sale of the Hotel
…Sign in to view the parties.
Adjudicating Authority passed an order…
IRP caused the Public Announcement in Form-A…
The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 39(4) of the IBBI (Insolvency Resolution for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan submitted by Mr. Kumaran Sitaraman for Auromatrix Hotels Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Auromatrix Hotels Private Limited based on an application filed by IDBI Bank under Section 7 of the IBC. The Committee of Creditors (CoC) approved the resolution plan with a 100% voting share. The Resolution Professional (RP) verified the eligibility of the resolution applicants under Section 29A of the Code.
IDBI Bank initiated Corporate Insolvency Resolution Process (CIRP) against Auromatrix Hotels Private Limited (AHPL) under Section 7 of IBC. Tharuvai Ramachandran Ravichandran was appointed as the Interim Resolution Professional (IRP). Public announcement was made on 29.11.2021, inviting creditors to submit claims. The Committee of Creditors (CoC) was constituted, with IDBI Bank Limited holding 24.33% voting share and Edelweiss Asset Reconstruction Company Limited holding 75.67%. Kumaran Sitaraman submitted a resolution plan, which was approved by the CoC with 100% majority. The resolution plan includes payment of CIRP costs, statutory dues, secured financial creditor (Edelweiss), and unsecured financial creditor (IDBI Bank). The plan also involves the sale of the Hotel
…Adjudicating Authority passed an order…
IRP caused the Public Announcement in Form-A…