The case pertains to IA (IBC) 515/2023 filed in Company Petition IB/223/2021 under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The petition was filed by the Resolution Professional of M/s. Farmax India Limited, seeking approval of the Resolution Plan submitted by Mr. Reddy Srinivasa Reddy, which was approved by the Committee of Creditors with 100% voting share. The Corporate Insolvency Resolution Process (CIRP) was initiated against Farmax India Limited based on a petition filed by Vasthi Trading Private Limited under Section 9 of the IBC, 2016, which was admitted on 01.07.2022.
Vasthi Trading Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Farmax India Limited under Section 9 of the IBC, which was admitted on 01.07.2022. Mr. Chinna Gurappa was appointed as the Resolution Professional. The Resolution Professional made a public announcement inviting claims from creditors and constituted the Committee of Creditors (CoC). The CoC comprised of Reliance Asset Reconstruction Company Limited, holding 100% voting share. The Resolution Professional received a Resolution Plan from Mr. Reddy Srinivasa Reddy, which was approved by the CoC with 100% voting share on 09.03.2023. The Resolution Applicant submitted a demand draft of Rs. 5,50,000/- as performance guarantee. The Resolution Plan proposed a total plan amount of Rs.
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Company Pet…
Petition filed under Section 9 of IBC, 2016…
The case pertains to IA (IBC) 515/2023 filed in Company Petition IB/223/2021 under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, read with regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The petition was filed by the Resolution Professional of M/s. Farmax India Limited, seeking approval of the Resolution Plan submitted by Mr. Reddy Srinivasa Reddy, which was approved by the Committee of Creditors with 100% voting share. The Corporate Insolvency Resolution Process (CIRP) was initiated against Farmax India Limited based on a petition filed by Vasthi Trading Private Limited under Section 9 of the IBC, 2016, which was admitted on 01.07.2022.
Vasthi Trading Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Farmax India Limited under Section 9 of the IBC, which was admitted on 01.07.2022. Mr. Chinna Gurappa was appointed as the Resolution Professional. The Resolution Professional made a public announcement inviting claims from creditors and constituted the Committee of Creditors (CoC). The CoC comprised of Reliance Asset Reconstruction Company Limited, holding 100% voting share. The Resolution Professional received a Resolution Plan from Mr. Reddy Srinivasa Reddy, which was approved by the CoC with 100% voting share on 09.03.2023. The Resolution Applicant submitted a demand draft of Rs. 5,50,000/- as performance guarantee. The Resolution Plan proposed a total plan amount of Rs.
…Company Pet…
Petition filed under Section 9 of IBC, 2016…