The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Neueon Towers Ltd. initiated based on an application by IDBI Bank Ltd. The Resolution Professional filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan submitted jointly by Preca Solutions India Private Limited, Dr. Madala Srinivasu, and Ms. Madala Anithaa, which was approved by the Committee of Creditors (COC) with 95.89% of the voting share. The CIRP was initiated on 03.06.2019. The resolution plan was initially rejected by the tribunal on 14.10.2021 and liquidation was ordered, but this order was set aside by NCLAT Chennai on 12.06.2023, remanding the matter back to the Adjudicating Authority for approval of the
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Neueon Towers Ltd. based on an application by IDBI Bank Ltd. The CIRP commenced on 03.06.2019. Dr. Madurai Sundaram Sankar was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (COC) was constituted on 24.06.2019, comprising nine financial creditors with an aggregate claim of Rs. 3407,25,26,645-77. The COC approved a resolution plan submitted jointly by M/s. Preca Solutions India Private Limited, Dr. Madala Srinivasu, and Ms. Madala Anithaa, with 95.89% voting share. The resolution plan was initially rejected by the tribunal on 14.10.2021, leading to an order for liquidation. However, this order was set aside by NCLAT Chennai on 12.06.2023, and the matter was
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Corporate Insolvency…
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The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Neueon Towers Ltd. initiated based on an application by IDBI Bank Ltd. The Resolution Professional filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the resolution plan submitted jointly by Preca Solutions India Private Limited, Dr. Madala Srinivasu, and Ms. Madala Anithaa, which was approved by the Committee of Creditors (COC) with 95.89% of the voting share. The CIRP was initiated on 03.06.2019. The resolution plan was initially rejected by the tribunal on 14.10.2021 and liquidation was ordered, but this order was set aside by NCLAT Chennai on 12.06.2023, remanding the matter back to the Adjudicating Authority for approval of the
…The Corporate Insolvency Resolution Process (CIRP) was initiated against Neueon Towers Ltd. based on an application by IDBI Bank Ltd. The CIRP commenced on 03.06.2019. Dr. Madurai Sundaram Sankar was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (COC) was constituted on 24.06.2019, comprising nine financial creditors with an aggregate claim of Rs. 3407,25,26,645-77. The COC approved a resolution plan submitted jointly by M/s. Preca Solutions India Private Limited, Dr. Madala Srinivasu, and Ms. Madala Anithaa, with 95.89% voting share. The resolution plan was initially rejected by the tribunal on 14.10.2021, leading to an order for liquidation. However, this order was set aside by NCLAT Chennai on 12.06.2023, and the matter was
…Corporate Insolvency…
Committee of Creditors…