The case pertains to an application filed under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, regarding the corporate insolvency resolution process (CIRP) of M/s. Kiran Global Chems Limited. The application, IA(IBC)(PLAN)/4/(CHE)/2024, was moved on 20.04.2024 by the Resolution Professional, Mr. Anil Kumar Khicha, seeking approval of the resolution plan submitted by the successful resolution applicants (SRAs), Mr. Manmohan Singh Jain and Mr. Atul Jain. The CIRP was initiated based on an application by State Bank of India under Section 7 of the IBC, and Mr. Khicha was later appointed as the
…Kiran Global Chems Limited, an unlisted public company manufacturing sodium silicate and potassium silicate, underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India. The CIRP commenced on 27.04.2021. Anil Kumar Khicha was appointed as the Resolution Professional (RP) on 30.08.2023, replacing the previous RP. The Committee of Creditors (CoC) approved a resolution plan submitted by promoters Manmohan Singh Jain and Atul Jain with 99.08% voting share. The resolution plan involves a total resolution value of Rs. 68.56 Crores. The liquidation value of the Corporate Debtor is Rs. 176.82 Crores (excluding inventories), and the fair value is Rs. 225.08 Crores (excluding inventories). The resolution plan includes provisions for payments to
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CIRP initiated, IRP…
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The case pertains to an application filed under Section 30(6) and 31(1) of the Insolvency & Bankruptcy Code, 2016, read with Regulation 39(4) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, regarding the corporate insolvency resolution process (CIRP) of M/s. Kiran Global Chems Limited. The application, IA(IBC)(PLAN)/4/(CHE)/2024, was moved on 20.04.2024 by the Resolution Professional, Mr. Anil Kumar Khicha, seeking approval of the resolution plan submitted by the successful resolution applicants (SRAs), Mr. Manmohan Singh Jain and Mr. Atul Jain. The CIRP was initiated based on an application by State Bank of India under Section 7 of the IBC, and Mr. Khicha was later appointed as the
…Kiran Global Chems Limited, an unlisted public company manufacturing sodium silicate and potassium silicate, underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India. The CIRP commenced on 27.04.2021. Anil Kumar Khicha was appointed as the Resolution Professional (RP) on 30.08.2023, replacing the previous RP. The Committee of Creditors (CoC) approved a resolution plan submitted by promoters Manmohan Singh Jain and Atul Jain with 99.08% voting share. The resolution plan involves a total resolution value of Rs. 68.56 Crores. The liquidation value of the Corporate Debtor is Rs. 176.82 Crores (excluding inventories), and the fair value is Rs. 225.08 Crores (excluding inventories). The resolution plan includes provisions for payments to
…CIRP initiated, IRP…
Public announ…