The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of a Resolution Plan for M/s Mahamayay Metals LLP ('Corporate Debtor'). The main application, CP No. (IB)- 192/7/JPR/2020, was filed by the Financial Creditor, Laxmi Narain Yadav, under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 21.12.2021. The Interim Resolution Professional (IRP) was appointed and issued a public announcement. The Committee of Creditors (CoC) was constituted, and several
…Laxmi Narain Yadav, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Mahamayay Metals LLP ('Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 21.12.2021. Vikram Bajaj was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and meetings were held. The CoC rejected the initial proposal regarding the appointment of the IRP as the RP. The IRP continued to perform the functions of the RP. Karnataka Bank Limited, a major shareholder, dissented from the resolution of the IRP's appointment. The IRP invited Expression of Interest (EOI) for prospective resolution applicants. Two resolution plans were received from Raman Kumar and Ramphal
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The Corporate…
CIRP proceedings were initiated under Section 7…
The case pertains to an application filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of a Resolution Plan for M/s Mahamayay Metals LLP ('Corporate Debtor'). The main application, CP No. (IB)- 192/7/JPR/2020, was filed by the Financial Creditor, Laxmi Narain Yadav, under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, which was admitted on 21.12.2021. The Interim Resolution Professional (IRP) was appointed and issued a public announcement. The Committee of Creditors (CoC) was constituted, and several
…Laxmi Narain Yadav, a Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Mahamayay Metals LLP ('Corporate Debtor') under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 21.12.2021. Vikram Bajaj was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and meetings were held. The CoC rejected the initial proposal regarding the appointment of the IRP as the RP. The IRP continued to perform the functions of the RP. Karnataka Bank Limited, a major shareholder, dissented from the resolution of the IRP's appointment. The IRP invited Expression of Interest (EOI) for prospective resolution applicants. Two resolution plans were received from Raman Kumar and Ramphal
…The Corporate…
CIRP proceedings were initiated under Section 7…