The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, filed by Dhansagar Dealers Private Limited, an unsuccessful resolution applicant, challenging the resolution plan of Carnation Industries Limited. The applicant contends that the resolution plan was illegally and arbitrarily approved by the Committee of Creditors (CoC) and seeks consideration of its enhanced/revised plan. The Resolution Professional (RP) received two resolution plans, one from the successful resolution applicant (SRA), Mr. Vikas Garg, and another from Dhansagar Dealers Private Limited. The CoC approved Mr. Garg's plan with 100% voting on April 20, 2024. The RP issued a Letter of Intent
…Lal Behari Singh, an operational creditor, initiated CIRP against Carnation Industries Limited under Section 9 of the I&B Code, which was admitted on September 12, 2023. The applicant, Anubrata Gangoly, was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcement was made on September 15, 2023, inviting claims from creditors. ICICI Bank Limited, a financial creditor, submitted its claim on November 13, 2023, and was inducted into the CoC. The Committee of Creditors (CoC) was formed on October 5, 2023, initially with the sole operational creditor, but later reconstituted with ICICI Bank Limited holding 100% voting share. The RP appointed registered valuers, and the valuation exercise was completed on
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The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016, filed by Dhansagar Dealers Private Limited, an unsuccessful resolution applicant, challenging the resolution plan of Carnation Industries Limited. The applicant contends that the resolution plan was illegally and arbitrarily approved by the Committee of Creditors (CoC) and seeks consideration of its enhanced/revised plan. The Resolution Professional (RP) received two resolution plans, one from the successful resolution applicant (SRA), Mr. Vikas Garg, and another from Dhansagar Dealers Private Limited. The CoC approved Mr. Garg's plan with 100% voting on April 20, 2024. The RP issued a Letter of Intent
…Lal Behari Singh, an operational creditor, initiated CIRP against Carnation Industries Limited under Section 9 of the I&B Code, which was admitted on September 12, 2023. The applicant, Anubrata Gangoly, was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). Public announcement was made on September 15, 2023, inviting claims from creditors. ICICI Bank Limited, a financial creditor, submitted its claim on November 13, 2023, and was inducted into the CoC. The Committee of Creditors (CoC) was formed on October 5, 2023, initially with the sole operational creditor, but later reconstituted with ICICI Bank Limited holding 100% voting share. The RP appointed registered valuers, and the valuation exercise was completed on
…Application under…
Public announcement in…