The case pertains to an application (IA No.37/2024) filed by the Resolution Professional (RP) of Metenere Limited, seeking approval of the resolution plan submitted by Orissa Metaliks Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Metenere Limited following a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC). The RP conducted a process to invite resolution plans, evaluated the eligibility of prospective resolution applicants, and ultimately the Committee of Creditors (CoC) approved the resolution plan submitted by Orissa Metaliks Private Limited with a majority vote of 98.94%. Several IAs were filed during the CIRP, including those by vendors and employees seeking inclusion of
…1. A Company Petition CP (IB) No.639(PB)/2018 was filed by State Bank of India under Section 7 of the IBC, leading to the initiation of CIRP against Metenere Limited.
2. The CIRP was initiated, and Mr. Surender Raj Gang was appointed as the IRP and later confirmed as the RP.
3. Metenere Limited is a public company engaged in manufacturing non-ferrous products, with six manufacturing facilities.
4. A resolution plan by Jubilee Metal Private Limited was initially submitted but later withdrawn.
5. The RP issued a fresh Form-G inviting expression of interest, receiving Eols from 19 prospective resolution applicants.
6. Hampton Sky Realty Limited and Findoc Finvest Private Limited were excluded from the list of eligible PRAs due to potential connections under Section 29A
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Company Petition CP (IB) No.639(PB)/2018 filed…
Admission order was…
The case pertains to an application (IA No.37/2024) filed by the Resolution Professional (RP) of Metenere Limited, seeking approval of the resolution plan submitted by Orissa Metaliks Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Metenere Limited following a petition filed by State Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC). The RP conducted a process to invite resolution plans, evaluated the eligibility of prospective resolution applicants, and ultimately the Committee of Creditors (CoC) approved the resolution plan submitted by Orissa Metaliks Private Limited with a majority vote of 98.94%. Several IAs were filed during the CIRP, including those by vendors and employees seeking inclusion of
…1. A Company Petition CP (IB) No.639(PB)/2018 was filed by State Bank of India under Section 7 of the IBC, leading to the initiation of CIRP against Metenere Limited.
2. The CIRP was initiated, and Mr. Surender Raj Gang was appointed as the IRP and later confirmed as the RP.
3. Metenere Limited is a public company engaged in manufacturing non-ferrous products, with six manufacturing facilities.
4. A resolution plan by Jubilee Metal Private Limited was initially submitted but later withdrawn.
5. The RP issued a fresh Form-G inviting expression of interest, receiving Eols from 19 prospective resolution applicants.
6. Hampton Sky Realty Limited and Findoc Finvest Private Limited were excluded from the list of eligible PRAs due to potential connections under Section 29A
Company Petition CP (IB) No.639(PB)/2018 filed…
Admission order was…