The case involves a resolution plan for Helios Photo Voltaic Ltd. under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the Code by a financial creditor, National Asset Reconstruction Company Ltd. (NARCL). The CIRP was admitted on 2024-01-11, and ASC Insolvency Services LLP was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were held to evaluate resolution plans. OCL Iron & Steel Limited's resolution plan was ultimately approved by the CoC with 73.38% voting share. Gateway Investment Management Services Ltd (GIMS), another resolution
…1. National Asset Reconstruction Company Ltd. (NARCL) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Helios Photo Voltaic Ltd.
2. The application was admitted on 2024-01-11, marking the Insolvency Commencement Date.
3. ASC Insolvency Services LLP was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
4. A public announcement was made on 2024-01-14, with a last date for submission of claims specified as 2024-01-26.
5. The Committee of Creditors (CoC) was formed, comprising financial creditors including NARCL Trust, Alchemist Asset Reconstruction Company, and International Finance Corporation.
6. The CoC held
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The case involves a resolution plan for Helios Photo Voltaic Ltd. under the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application under Section 7 of the Code by a financial creditor, National Asset Reconstruction Company Ltd. (NARCL). The CIRP was admitted on 2024-01-11, and ASC Insolvency Services LLP was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were held to evaluate resolution plans. OCL Iron & Steel Limited's resolution plan was ultimately approved by the CoC with 73.38% voting share. Gateway Investment Management Services Ltd (GIMS), another resolution
…1. National Asset Reconstruction Company Ltd. (NARCL) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Helios Photo Voltaic Ltd.
2. The application was admitted on 2024-01-11, marking the Insolvency Commencement Date.
3. ASC Insolvency Services LLP was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
4. A public announcement was made on 2024-01-14, with a last date for submission of claims specified as 2024-01-26.
5. The Committee of Creditors (CoC) was formed, comprising financial creditors including NARCL Trust, Alchemist Asset Reconstruction Company, and International Finance Corporation.
6. The CoC held
Company Petit…
Adjudicating Authority…
Sign in to view related legal provisions.