The Corporate Insolvency Resolution Process (CIRP) for CPS Steel India Private Limited was initiated by the Adjudicating Authority on April 25, 2022, based on an application by City Union Bank Limited, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. P. Eswaramoorthy was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). The CIRP involved several CoC meetings to discuss and approve the resolution plan. The resolution plan submitted by Mr. P. Adeep, Managing Partner of Sun Steel, was initially rejected but later approved after revisions. The application for approval of the resolution plan was filed on January 26, 2023.
The Corporate Insolvency Resolution Process (CIRP) was initiated against CPS Steel India Private Limited following an application by City Union Bank Limited under Section 7 of the IBC. Mr. P. Eswaramoorthy was appointed as the Resolution Professional (RP). Several Committee of Creditors (CoC) meetings were held to discuss and approve a resolution plan. The RP filed an application under Section 66 of the IBC against the erstwhile promoters for fraudulent transactions. A resolution plan submitted by Mr. P. Adeep of Sun Steel was initially rejected but later approved by the CoC with 100% voting share. The resolution plan proposed a total settlement amount of Rs. 2,15,00,000.00, including Rs. 20,00,000.00 for CIRP costs and Rs. 1,70,00,000.00 for secured financial
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The Adjudicating Authority initiated the…
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The Corporate Insolvency Resolution Process (CIRP) for CPS Steel India Private Limited was initiated by the Adjudicating Authority on April 25, 2022, based on an application by City Union Bank Limited, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. P. Eswaramoorthy was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). The CIRP involved several CoC meetings to discuss and approve the resolution plan. The resolution plan submitted by Mr. P. Adeep, Managing Partner of Sun Steel, was initially rejected but later approved after revisions. The application for approval of the resolution plan was filed on January 26, 2023.
The Corporate Insolvency Resolution Process (CIRP) was initiated against CPS Steel India Private Limited following an application by City Union Bank Limited under Section 7 of the IBC. Mr. P. Eswaramoorthy was appointed as the Resolution Professional (RP). Several Committee of Creditors (CoC) meetings were held to discuss and approve a resolution plan. The RP filed an application under Section 66 of the IBC against the erstwhile promoters for fraudulent transactions. A resolution plan submitted by Mr. P. Adeep of Sun Steel was initially rejected but later approved by the CoC with 100% voting share. The resolution plan proposed a total settlement amount of Rs. 2,15,00,000.00, including Rs. 20,00,000.00 for CIRP costs and Rs. 1,70,00,000.00 for secured financial
…The Adjudicating Authority initiated the…
The Committee of Creditors (CoC) was…