The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, and Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Interim Resolution Professional (IRP) of M/s. MSA Developers Private Limited ('Corporate Debtor') sought approval of the Resolution Plan submitted by Mr. Deepak Aggarwal ('Successful Resolution Applicant'). The Resolution Plan was approved by the Committee of Creditors (‘CoC') in its 12th CoC Meeting held on 31.08.2021 with 80.12% voting shares and an addendum to the Resolution Plan in the 13th meeting of CoC held on 26.05.2023. Previously, the Adjudicating Authority had dismissed the application for approval
…The Corporate Insolvency Resolution Process (CIRP) was initiated against MSA Developers Private Limited on 2019-10-11. Mr. Rabindra Kumar Mintri was appointed as the Interim Resolution Professional (IRP). The IRP invited claims from stakeholders and prepared a list of creditors. The Committee of Creditors (CoC) was constituted. The CoC resolved to publish an Expression of Interest (EOI) to invite prospective resolution applicants. The IRP received 5 EOIs. The CoC extended the last date for submission of EOI. The IRP received 14 EOIs. Four Resolution Plans were submitted, and after scrutiny, two legally compliant plans were put to vote. The Resolution Plan submitted by Mr. Deepak Aggarwal was approved by the CoC with 80.12% voting shares on 2021-08-31. The average fair
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Corporate Insolvency…
IRP invited claims from…
The application was filed under Section 30(6) read with Section 31(1) of the Insolvency & Bankruptcy Code, 2016, and Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Interim Resolution Professional (IRP) of M/s. MSA Developers Private Limited ('Corporate Debtor') sought approval of the Resolution Plan submitted by Mr. Deepak Aggarwal ('Successful Resolution Applicant'). The Resolution Plan was approved by the Committee of Creditors (‘CoC') in its 12th CoC Meeting held on 31.08.2021 with 80.12% voting shares and an addendum to the Resolution Plan in the 13th meeting of CoC held on 26.05.2023. Previously, the Adjudicating Authority had dismissed the application for approval
…The Corporate Insolvency Resolution Process (CIRP) was initiated against MSA Developers Private Limited on 2019-10-11. Mr. Rabindra Kumar Mintri was appointed as the Interim Resolution Professional (IRP). The IRP invited claims from stakeholders and prepared a list of creditors. The Committee of Creditors (CoC) was constituted. The CoC resolved to publish an Expression of Interest (EOI) to invite prospective resolution applicants. The IRP received 5 EOIs. The CoC extended the last date for submission of EOI. The IRP received 14 EOIs. Four Resolution Plans were submitted, and after scrutiny, two legally compliant plans were put to vote. The Resolution Plan submitted by Mr. Deepak Aggarwal was approved by the CoC with 80.12% voting shares on 2021-08-31. The average fair
…Corporate Insolvency…
IRP invited claims from…