The case involves an application under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, for approval of a resolution plan submitted by M/s Worldfa Exports Pvt. Ltd. for M/s Magppie International Ltd ('Corporate Debtor'). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 13.03.2020. The Resolution Professional (RP) sought approval for the resolution plan, which was initially rejected by the Committee of Creditors (CoC) but later revised and approved with 77.45% voting shares in the 15th CoC Meeting held on 17.09.2021. IA 5803/2023 was filed by J.C. Flowers Asset Reconstructions Pvt Ltd., raising objections to the Resolution Plan submitted by M/s Worldfa Exports Pvt. Ltd.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Magppie International Ltd on 13.03.2020. Mr. Ashwani Kumar Gupta was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 16.03.2020. The IRP constituted the Committee of Creditors (CoC). The first CoC meeting was held on 11.05.2020, where Mr. Vivek Raheja was appointed as the Resolution Professional (RP). The RP published Form G on 10.09.2020, inviting expressions of interest. The last date for submission of the Resolution Plan was extended to 24.11.2020. Two plans were received, one from Worldfa Exports Pvt Ltd and another from One City Infrastructure Pvt Ltd & APM infrastructure Pvt Ltd. The plan submitted by Worldfa was initially rejected by the CoC
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Corporate Insolvency…
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The case involves an application under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, for approval of a resolution plan submitted by M/s Worldfa Exports Pvt. Ltd. for M/s Magppie International Ltd ('Corporate Debtor'). The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 13.03.2020. The Resolution Professional (RP) sought approval for the resolution plan, which was initially rejected by the Committee of Creditors (CoC) but later revised and approved with 77.45% voting shares in the 15th CoC Meeting held on 17.09.2021. IA 5803/2023 was filed by J.C. Flowers Asset Reconstructions Pvt Ltd., raising objections to the Resolution Plan submitted by M/s Worldfa Exports Pvt. Ltd.
The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Magppie International Ltd on 13.03.2020. Mr. Ashwani Kumar Gupta was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 16.03.2020. The IRP constituted the Committee of Creditors (CoC). The first CoC meeting was held on 11.05.2020, where Mr. Vivek Raheja was appointed as the Resolution Professional (RP). The RP published Form G on 10.09.2020, inviting expressions of interest. The last date for submission of the Resolution Plan was extended to 24.11.2020. Two plans were received, one from Worldfa Exports Pvt Ltd and another from One City Infrastructure Pvt Ltd & APM infrastructure Pvt Ltd. The plan submitted by Worldfa was initially rejected by the CoC
…Corporate Insolvency…
Public announ…