The case involves an application filed by the Resolution Professional (RP) of the Corporate Debtor (CD), M/s Neerajaksha Iron & Steel Pvt Ltd, under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), seeking approval of a Resolution Plan under Section 31(1) of the Code. The CD was admitted into Corporate Insolvency Resolution Process (CIRP) by the Tribunal on 27.09.2019, following a petition filed by Corporation Bank, the Financial Creditor, under Section 7 of IBC. Mr. Sridhar Venkatraya Sundararaja was initially appointed as the Insolvency Resolution Professional (IRP), later replaced by the Applicant. The Committee of Creditors (CoC) was formed, consisting of a single financial creditor, M/s RARE Asset Reconstruction Limited, holding 100% of the voting share.
The Corporate Debtor, M/s Neerajaksha Iron & Steel Pvt Ltd, underwent Corporate Insolvency Resolution Process (CIRP) following an application by Corporation Bank under Section 7 of the IBC. The CIRP was initiated on 27.09.2019. Mr. Sridhar Venkatraya Sundararaja was initially appointed as the IRP, later replaced by the Applicant. The CoC consisted of a single financial creditor, M/s RARE Asset Reconstruction Limited, holding 100% of the voting share. The CoC invited Expression of Interest (EoI) and evaluated multiple Resolution Plans. The GST Department filed a claim for dues, which was admitted and incorporated into the revised Resolution Plan. Shivshakti Enterprises' Resolution Plan was approved by the CoC with 100% voting share. The Resolution Plan included
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The Corporate Debtor was admitted into…
The IRP was confirmed…
The case involves an application filed by the Resolution Professional (RP) of the Corporate Debtor (CD), M/s Neerajaksha Iron & Steel Pvt Ltd, under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), seeking approval of a Resolution Plan under Section 31(1) of the Code. The CD was admitted into Corporate Insolvency Resolution Process (CIRP) by the Tribunal on 27.09.2019, following a petition filed by Corporation Bank, the Financial Creditor, under Section 7 of IBC. Mr. Sridhar Venkatraya Sundararaja was initially appointed as the Insolvency Resolution Professional (IRP), later replaced by the Applicant. The Committee of Creditors (CoC) was formed, consisting of a single financial creditor, M/s RARE Asset Reconstruction Limited, holding 100% of the voting share.
The Corporate Debtor, M/s Neerajaksha Iron & Steel Pvt Ltd, underwent Corporate Insolvency Resolution Process (CIRP) following an application by Corporation Bank under Section 7 of the IBC. The CIRP was initiated on 27.09.2019. Mr. Sridhar Venkatraya Sundararaja was initially appointed as the IRP, later replaced by the Applicant. The CoC consisted of a single financial creditor, M/s RARE Asset Reconstruction Limited, holding 100% of the voting share. The CoC invited Expression of Interest (EoI) and evaluated multiple Resolution Plans. The GST Department filed a claim for dues, which was admitted and incorporated into the revised Resolution Plan. Shivshakti Enterprises' Resolution Plan was approved by the CoC with 100% voting share. The Resolution Plan included
…The Corporate Debtor was admitted into…
The IRP was confirmed…