The case involves an application (IA (IBC) (Plan) 23/2024) filed by the Resolution Professional of RKI Builders Private Limited, seeking approval of a modified resolution plan dated 04.10.2024. The Corporate Insolvency Resolution Process (CIRP) was initiated against RKI Builders Private Limited based on a petition filed by Sheetal Ispat Private Limited, an Operational Creditor. The Committee of Creditors (COC) approved the resolution plan submitted by Readers Stores India Private Limited with 82.14% voting share. The resolution plan was revised after the COC suggested revisions to the allocation among secured financial creditors to cover the liquidation value of the claim. The Resolution Professional (RP) conducted eleven COC meetings during the CIRP. The resolution
…Sheetal Ispat Private Limited, an Operational Creditor (OC), filed a Company Petition (CP(IB) No.716/9/HDB/2019) against RKI Builders Private Limited, the Corporate Debtor (CD). The petition was admitted, initiating the Corporate Insolvency Resolution Process (CIRP). Raj Kumar Sarda was initially appointed as the Interim Resolution Professional (IRP), later replaced by Kalvakolanu Murali Krishna Prasad. The Resolution Professional (RP) constituted a Committee of Creditors (COC) comprising Canara Bank, Axis Bank, and SREI Equipment Finance Limited, among others. Eleven COC meetings were held. The RP invited Expressions of Interest (EOI) from Prospective Resolution Applicants (PRAs). Readers Stores India Private Limited submitted a resolution plan, which was revised
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Company Petition CP(IB) No.716/9/HDB/2019 filed…
Order dated 08.12.2022 ordering commencement…
The case involves an application (IA (IBC) (Plan) 23/2024) filed by the Resolution Professional of RKI Builders Private Limited, seeking approval of a modified resolution plan dated 04.10.2024. The Corporate Insolvency Resolution Process (CIRP) was initiated against RKI Builders Private Limited based on a petition filed by Sheetal Ispat Private Limited, an Operational Creditor. The Committee of Creditors (COC) approved the resolution plan submitted by Readers Stores India Private Limited with 82.14% voting share. The resolution plan was revised after the COC suggested revisions to the allocation among secured financial creditors to cover the liquidation value of the claim. The Resolution Professional (RP) conducted eleven COC meetings during the CIRP. The resolution
…Sheetal Ispat Private Limited, an Operational Creditor (OC), filed a Company Petition (CP(IB) No.716/9/HDB/2019) against RKI Builders Private Limited, the Corporate Debtor (CD). The petition was admitted, initiating the Corporate Insolvency Resolution Process (CIRP). Raj Kumar Sarda was initially appointed as the Interim Resolution Professional (IRP), later replaced by Kalvakolanu Murali Krishna Prasad. The Resolution Professional (RP) constituted a Committee of Creditors (COC) comprising Canara Bank, Axis Bank, and SREI Equipment Finance Limited, among others. Eleven COC meetings were held. The RP invited Expressions of Interest (EOI) from Prospective Resolution Applicants (PRAs). Readers Stores India Private Limited submitted a resolution plan, which was revised
…Company Petition CP(IB) No.716/9/HDB/2019 filed…
Order dated 08.12.2022 ordering commencement…