The case pertains to an application filed under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a resolution plan for Power Max (India) Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by the Corporate Applicant under Section 10 of the IBC, which was admitted on 2023-05-01. Mr. Tarun Kumar Ray was initially appointed as the Interim Resolution Professional but was later replaced by Mrs. Rachna Jhunjhunwala. The Committee of Creditors (CoC), consisting of Indian Bank as the sole financial creditor, approved the resolution plan submitted by M/s. Shyam Enterprises with
…Power Max (India) Pvt. Ltd. faced Corporate Insolvency Resolution Process (CIRP) initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered by a petition filed by the Corporate Applicant, which was admitted on 2023-05-01. Initially, Mr. Tarun Kumar Ray was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mrs. Rachna Jhunjhunwala. The Committee of Creditors (CoC) comprised a single financial creditor, Indian Bank, holding 100% of the voting share. The CoC approved a resolution plan submitted by M/s. Shyam Enterprises with a 100% voting share. The total admitted claim from various creditors amounted to Rs. 48.36 Crore, while the resolution plan proposed an amount of Rs. 4.01 Crore, resulting in a
…Sign in to view the parties.
Company Petit…
Adjudicating Authority admitted the petition…
The case pertains to an application filed under Sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a resolution plan for Power Max (India) Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by the Corporate Applicant under Section 10 of the IBC, which was admitted on 2023-05-01. Mr. Tarun Kumar Ray was initially appointed as the Interim Resolution Professional but was later replaced by Mrs. Rachna Jhunjhunwala. The Committee of Creditors (CoC), consisting of Indian Bank as the sole financial creditor, approved the resolution plan submitted by M/s. Shyam Enterprises with
…Power Max (India) Pvt. Ltd. faced Corporate Insolvency Resolution Process (CIRP) initiated under Section 10 of the Insolvency and Bankruptcy Code, 2016. The CIRP was triggered by a petition filed by the Corporate Applicant, which was admitted on 2023-05-01. Initially, Mr. Tarun Kumar Ray was appointed as the Interim Resolution Professional (IRP), but he was later replaced by Mrs. Rachna Jhunjhunwala. The Committee of Creditors (CoC) comprised a single financial creditor, Indian Bank, holding 100% of the voting share. The CoC approved a resolution plan submitted by M/s. Shyam Enterprises with a 100% voting share. The total admitted claim from various creditors amounted to Rs. 48.36 Crore, while the resolution plan proposed an amount of Rs. 4.01 Crore, resulting in a
…Company Petit…
Adjudicating Authority admitted the petition…