The Resolution Professional of Balaji Paper and Newsprint Private Limited, the Corporate Debtor, filed an application seeking approval and final sanction of the Resolution Plan approved by the Committee of Creditors (CoC). The CIRP was initiated following an application by Jai Kishore Gupta under Section 9 of the I&B Code. Initially, Mr. Bijay Murmuria was appointed as the Interim Resolution Professional (IRP), later replaced by Mrs. Rachna Jhunjhunwala. The CoC approved a resolution plan submitted by Pinax Paper Mills Private Limited and Pinax Steel Industries Private Limited with a 100% voting share.
Jai Kishore Gupta filed an application under Section 9 of the I&B Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) for Balaji Paper and Newsprint Private Limited. Mr. Bijay Murmuria was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mrs. Rachna Jhunjhunwala. The Committee of Creditors (CoC) was constituted, comprising Indian Bank and Indian Overseas Bank. The CoC approved a Resolution Plan submitted by Pinax Paper Mills Private Limited and Pinax Steel Industries Private Limited with 100% voting share. The Resolution Professional issued a Letter of Intent (LoI) to the Successful Resolution Applicant (SRA), who furnished a Performance Security of Rs. 5,40,00,000/-. The Corporate
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Company Petition (IB)…
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The Resolution Professional of Balaji Paper and Newsprint Private Limited, the Corporate Debtor, filed an application seeking approval and final sanction of the Resolution Plan approved by the Committee of Creditors (CoC). The CIRP was initiated following an application by Jai Kishore Gupta under Section 9 of the I&B Code. Initially, Mr. Bijay Murmuria was appointed as the Interim Resolution Professional (IRP), later replaced by Mrs. Rachna Jhunjhunwala. The CoC approved a resolution plan submitted by Pinax Paper Mills Private Limited and Pinax Steel Industries Private Limited with a 100% voting share.
Jai Kishore Gupta filed an application under Section 9 of the I&B Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) for Balaji Paper and Newsprint Private Limited. Mr. Bijay Murmuria was initially appointed as the Interim Resolution Professional (IRP) but was later replaced by Mrs. Rachna Jhunjhunwala. The Committee of Creditors (CoC) was constituted, comprising Indian Bank and Indian Overseas Bank. The CoC approved a Resolution Plan submitted by Pinax Paper Mills Private Limited and Pinax Steel Industries Private Limited with 100% voting share. The Resolution Professional issued a Letter of Intent (LoI) to the Successful Resolution Applicant (SRA), who furnished a Performance Security of Rs. 5,40,00,000/-. The Corporate
…Company Petition (IB)…
Adjudicating Authority…