The case pertains to an application filed under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, for approval of the Resolution Plan in respect of M/s Harig Crankshafts Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Bank of India (later substituted by M/s Asrec (India) Limited as the Financial Creditor) under Section 7 of the Code. The CIRP commenced on 31.03.2023, and Mr. Saurabh Chawla was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Harig Crankshafts LTD. based on an application filed by Bank of India, which was later substituted by M/S ASREC (INDIA) LIMITED as the Financial Creditor. The CIRP commenced on 31.03.2023, with Mr. Saurabh Chawla appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP conducted 13 CoC meetings. The CoC comprised a sole Financial Creditor, ASREC (India) Limited, with a claim of Rs. 1,24,62,46,207.68. Several Prospective Resolution Applicants (PRAs) submitted Expression of Interest (EOI), and after evaluation, Palika Towns LLP was declared the H1 Resolution Applicant. The CoC approved the Resolution Plan submitted by Palika Towns LLP
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The underlying Company Petition CP (IB)…
The Adjudicating Authority admitted the…
The case pertains to an application filed under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016, for approval of the Resolution Plan in respect of M/s Harig Crankshafts Limited, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Bank of India (later substituted by M/s Asrec (India) Limited as the Financial Creditor) under Section 7 of the Code. The CIRP commenced on 31.03.2023, and Mr. Saurabh Chawla was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/S Harig Crankshafts LTD. based on an application filed by Bank of India, which was later substituted by M/S ASREC (INDIA) LIMITED as the Financial Creditor. The CIRP commenced on 31.03.2023, with Mr. Saurabh Chawla appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP conducted 13 CoC meetings. The CoC comprised a sole Financial Creditor, ASREC (India) Limited, with a claim of Rs. 1,24,62,46,207.68. Several Prospective Resolution Applicants (PRAs) submitted Expression of Interest (EOI), and after evaluation, Palika Towns LLP was declared the H1 Resolution Applicant. The CoC approved the Resolution Plan submitted by Palika Towns LLP
…The underlying Company Petition CP (IB)…
The Adjudicating Authority admitted the…