The case pertains to the Corporate Insolvency Resolution Process (CIRP) of J.P. Engineers Private Limited. Worldwide Metals Private Limited initiated the CIRP under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced on 26.02.2020. Several resolution plans were submitted but rejected by the Committee of Creditors (CoC). An application for liquidation was initially filed but later withdrawn. Subsequently, Mr. Jatinder Pal Singh Hanjra submitted a resolution plan, which was approved by the CoC with 97.56% voting share. This approval followed a series of legal proceedings and appeals before the NCLAT regarding the extension of the CIRP period and the consideration of resolution plans.
Worldwide Metals Private Limited initiated CIRP against J.P. Engineers Private Limited under Section 9 of IBC in CP(IB) No. 1048/ND/2019. CIRP commenced on 26.02.2020. Sumit Bansal was appointed as IRP, later replaced by Vivek Raheja as RP. The CoC was formed, with Union Bank of India holding 84.90% voting share. The RP obtained asset valuations from Crest Valuation and G. Tech. Form G was published on 06.11.2021, leading to three resolution plans, all of which were rejected. An application for liquidation was filed but later withdrawn. Jatinder Pal Singh Hanjra submitted a resolution plan after an appeal to NCLAT, which was approved by the CoC with 97.56% vote share. A letter of intent was issued to Hanjra on 17.03.2023, requiring a performance security of Rs.
…Sign in to view the parties.
CP(IB) No. 1048/ND/2019 was filed by…
The Corporate Debtor…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of J.P. Engineers Private Limited. Worldwide Metals Private Limited initiated the CIRP under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP commenced on 26.02.2020. Several resolution plans were submitted but rejected by the Committee of Creditors (CoC). An application for liquidation was initially filed but later withdrawn. Subsequently, Mr. Jatinder Pal Singh Hanjra submitted a resolution plan, which was approved by the CoC with 97.56% voting share. This approval followed a series of legal proceedings and appeals before the NCLAT regarding the extension of the CIRP period and the consideration of resolution plans.
Worldwide Metals Private Limited initiated CIRP against J.P. Engineers Private Limited under Section 9 of IBC in CP(IB) No. 1048/ND/2019. CIRP commenced on 26.02.2020. Sumit Bansal was appointed as IRP, later replaced by Vivek Raheja as RP. The CoC was formed, with Union Bank of India holding 84.90% voting share. The RP obtained asset valuations from Crest Valuation and G. Tech. Form G was published on 06.11.2021, leading to three resolution plans, all of which were rejected. An application for liquidation was filed but later withdrawn. Jatinder Pal Singh Hanjra submitted a resolution plan after an appeal to NCLAT, which was approved by the CoC with 97.56% vote share. A letter of intent was issued to Hanjra on 17.03.2023, requiring a performance security of Rs.
…CP(IB) No. 1048/ND/2019 was filed by…
The Corporate Debtor…