The case pertains to an interlocutory application (IA No. 04/2024) filed in connection with a Corporate Insolvency Resolution Process (CIRP) against Khatema Fibres Limited. The application was moved by Satya Prakash Gupta, the Resolution Professional (RP), seeking approval of the resolution plan under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The CIRP was initiated based on a petition filed by Assets Care & Reconstruction Enterprise Ltd. under Section 7 of the IBC, which was admitted on 13.10.2023.
Assets Care & Reconstruction Enterprise Ltd. initiated CIRP against Khatema Fibres Limited under Section 7 of IBC. The CIRP was admitted on 2023-10-13. Satya Prakash Gupta was appointed as the IRP and later as RP. Public announcement was made on 2023-10-20. The last date for submission of claims was 2023-11-01, but claims were received until 2024-05-29. The CoC was constituted on 2023-11-01. The CoC was reconstituted on 2023-11-21 and approved on 2023-12-07. 10 CoC meetings were held. Expression of Interest (EOI) was invited, with the last date of receipt being 2024-01-12. 11 EOIs were received. A list of prospective resolution applicants (PRAs) was issued. KR Pulp and Papers Ltd. and Mogli Labs (India) Pvt. Ltd. submitted resolution plans by 2024-03-26. Resurgent
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CIRP initiated against Khatema Fibres Limited…
Public announ…
The case pertains to an interlocutory application (IA No. 04/2024) filed in connection with a Corporate Insolvency Resolution Process (CIRP) against Khatema Fibres Limited. The application was moved by Satya Prakash Gupta, the Resolution Professional (RP), seeking approval of the resolution plan under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The CIRP was initiated based on a petition filed by Assets Care & Reconstruction Enterprise Ltd. under Section 7 of the IBC, which was admitted on 13.10.2023.
Assets Care & Reconstruction Enterprise Ltd. initiated CIRP against Khatema Fibres Limited under Section 7 of IBC. The CIRP was admitted on 2023-10-13. Satya Prakash Gupta was appointed as the IRP and later as RP. Public announcement was made on 2023-10-20. The last date for submission of claims was 2023-11-01, but claims were received until 2024-05-29. The CoC was constituted on 2023-11-01. The CoC was reconstituted on 2023-11-21 and approved on 2023-12-07. 10 CoC meetings were held. Expression of Interest (EOI) was invited, with the last date of receipt being 2024-01-12. 11 EOIs were received. A list of prospective resolution applicants (PRAs) was issued. KR Pulp and Papers Ltd. and Mogli Labs (India) Pvt. Ltd. submitted resolution plans by 2024-03-26. Resurgent
…CIRP initiated against Khatema Fibres Limited…
Public announ…