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 an application under Section 10 of the IBC, with the petition being admitted on 2023-05-01. The Committee of Creditors (CoC), consisting solely of Indian Bank, approved the resolution plan submitted by M/s. Shyam Enterprises with a 100% voting share on 2024-02-02. The Resolution Professional (RP) issued a Letter of Intent (LoI) to the Successful Resolution Applicant (SRA), which was unconditionally
…Power Max (India) Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) after C.P. (IB) No. 104/KB/2022 was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2023-05-01. Initially, Mr. Tarun Kumar Ray was appointed as the Interim Resolution Professional (IRP), but later, the CoC replaced him with Mrs. Rachna Jhunjhunwala. A public announcement was made as per Regulation 6(1) of the IBBI regulations. The last date for submission of claims was fixed as 2023-05-15. The Committee of Creditors (CoC) was constituted on 2023-05-27, with Indian Bank as the sole financial creditor holding 100% voting share. The RP appointed two Registered Valuers on 2023-06-06. The fair value of the company was assessed at Rs.
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C.P. (IB) No.…
The Adjudicating Authority admitted the…
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 an application under Section 10 of the IBC, with the petition being admitted on 2023-05-01. The Committee of Creditors (CoC), consisting solely of Indian Bank, approved the resolution plan submitted by M/s. Shyam Enterprises with a 100% voting share on 2024-02-02. The Resolution Professional (RP) issued a Letter of Intent (LoI) to the Successful Resolution Applicant (SRA), which was unconditionally
…Power Max (India) Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) after C.P. (IB) No. 104/KB/2022 was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2023-05-01. Initially, Mr. Tarun Kumar Ray was appointed as the Interim Resolution Professional (IRP), but later, the CoC replaced him with Mrs. Rachna Jhunjhunwala. A public announcement was made as per Regulation 6(1) of the IBBI regulations. The last date for submission of claims was fixed as 2023-05-15. The Committee of Creditors (CoC) was constituted on 2023-05-27, with Indian Bank as the sole financial creditor holding 100% voting share. The RP appointed two Registered Valuers on 2023-06-06. The fair value of the company was assessed at Rs.
…C.P. (IB) No.…
The Adjudicating Authority admitted the…