The case involves an application filed by Mr. Ravi Sethia, the Resolution Professional (RP) of GVK Power (Goindwal Sahib) Limited, the Corporate Debtor, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a resolution plan submitted by Punjab State Power Corporation Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against GVK Power following the admission of an application by Axis Bank Limited, a financial creditor, under Section 7 of the IBC. The admission order was challenged before the NCLAT by GVK Energy Limited, the holding company of the Corporate Debtor, but the appeal was dismissed.
…The Corporate Insolvency Resolution Process (CIRP) was initiated against GVK Power (Goindwal Sahib) Limited following the admission of an application by Axis Bank Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Ravi Sethia was appointed as the Resolution Professional (RP). Public announcements were made inviting claims from creditors. The RP received claims from financial creditors, operational creditors, employees, and workmen. The Committee of Creditors (CoC) was formed, and the RP was confirmed. The admission order was challenged before the NCLAT and subsequently before the Supreme Court by GVK Energy Limited, the holding company. The RP appointed registered valuers to assess the Corporate Debtor's assets. An invitation for Expression of
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The Tribunal admitted the application filed by…
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The case involves an application filed by Mr. Ravi Sethia, the Resolution Professional (RP) of GVK Power (Goindwal Sahib) Limited, the Corporate Debtor, under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a resolution plan submitted by Punjab State Power Corporation Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against GVK Power following the admission of an application by Axis Bank Limited, a financial creditor, under Section 7 of the IBC. The admission order was challenged before the NCLAT by GVK Energy Limited, the holding company of the Corporate Debtor, but the appeal was dismissed.
…The Corporate Insolvency Resolution Process (CIRP) was initiated against GVK Power (Goindwal Sahib) Limited following the admission of an application by Axis Bank Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). Mr. Ravi Sethia was appointed as the Resolution Professional (RP). Public announcements were made inviting claims from creditors. The RP received claims from financial creditors, operational creditors, employees, and workmen. The Committee of Creditors (CoC) was formed, and the RP was confirmed. The admission order was challenged before the NCLAT and subsequently before the Supreme Court by GVK Energy Limited, the holding company. The RP appointed registered valuers to assess the Corporate Debtor's assets. An invitation for Expression of
…The Tribunal admitted the application filed by…
The Applicant made public announcements in Form…