The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s Drish Shoes Limited following an application by the Operational Creditor M/s Reem Tanners under Section 9 of the IBC, 2016. The application was admitted on 12.05.2022, and Mr. Pardeep Kumar Kabra was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Mohit Chawla replaced him as the Resolution Professional (RP). The CIRP involved the constitution of a Committee of Creditors (CoC) with Bank of India as the sole financial creditor. The RP received multiple Expressions of Interest (EOIs) and ultimately three Prospective Resolution Applicants (PRAs) submitted resolution plans. The CoC approved the resolution plan submitted by M/s Saboo Tor Pvt Ltd with 100%
…M/s Reem Tanners Pvt Ltd, an operational creditor, initiated CIRP against M/s Drish Shoes Limited under Section 9 of IBC, 2016. The CIRP commenced on 12.05.2022. Mr. Pardeep Kumar Kabra was initially appointed as the IRP, later replaced by Mr. Mohit Chawla. Bank of India was the sole financial creditor, forming the CoC. The RP published Form G, inviting Expressions of Interest (EOIs) and received multiple EOIs. Three Prospective Resolution Applicants (PRAs) submitted resolution plans: Khandwala Finstock Pvt Ltd, United Biotech Pvt Ltd, and Saboo Tor Pvt Ltd. The CoC approved the resolution plan of M/s Saboo Tor Pvt Ltd with a 100% vote share on 27.07.2023. M/s Saboo Tor Pvt Ltd provided a Performance Security deposit of Rs. 10,00,00,000/- and an EMD of Rs.
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Corporate Debtor issued a layoff notice…
Corporate Insolvency…
The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s Drish Shoes Limited following an application by the Operational Creditor M/s Reem Tanners under Section 9 of the IBC, 2016. The application was admitted on 12.05.2022, and Mr. Pardeep Kumar Kabra was appointed as the Interim Resolution Professional (IRP). Subsequently, Mr. Mohit Chawla replaced him as the Resolution Professional (RP). The CIRP involved the constitution of a Committee of Creditors (CoC) with Bank of India as the sole financial creditor. The RP received multiple Expressions of Interest (EOIs) and ultimately three Prospective Resolution Applicants (PRAs) submitted resolution plans. The CoC approved the resolution plan submitted by M/s Saboo Tor Pvt Ltd with 100%
…M/s Reem Tanners Pvt Ltd, an operational creditor, initiated CIRP against M/s Drish Shoes Limited under Section 9 of IBC, 2016. The CIRP commenced on 12.05.2022. Mr. Pardeep Kumar Kabra was initially appointed as the IRP, later replaced by Mr. Mohit Chawla. Bank of India was the sole financial creditor, forming the CoC. The RP published Form G, inviting Expressions of Interest (EOIs) and received multiple EOIs. Three Prospective Resolution Applicants (PRAs) submitted resolution plans: Khandwala Finstock Pvt Ltd, United Biotech Pvt Ltd, and Saboo Tor Pvt Ltd. The CoC approved the resolution plan of M/s Saboo Tor Pvt Ltd with a 100% vote share on 27.07.2023. M/s Saboo Tor Pvt Ltd provided a Performance Security deposit of Rs. 10,00,00,000/- and an EMD of Rs.
…Corporate Debtor issued a layoff notice…
Corporate Insolvency…