The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Shree Aashraya Infra-Con Limited. The CIRP was initiated based on an application filed by Shree Ashraya Souhard Credit Society Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor was incorporated in 1995 and registered as an MSME on 15.07.2021. The main Company Petition (CP(IB) No. 196/BB/2020) was admitted on 06.04.2021. An earlier resolution plan was rejected on 28.02.2023 because the MSME registration was obtained after the CIRP initiation, making the Resolution Applicants ineligible under Section 29A read with 240A of IBC. An appeal was filed before the NCLAT Chennai, which was also disposed of upholding the NCLT order. Subsequently, an appeal was filed
…Shree Aashraya Infra-Con Limited, the Corporate Debtor, was incorporated in 1995 and registered as an MSME on 15.07.2021. The CIRP was initiated by Shree Ashraya Souhard Credit Society Limited, the Financial Creditor, under Section 7 of the IBC. The main Company Petition (CP(IB) No. 196/BB/2020) was admitted on 06.04.2021. An earlier resolution plan was rejected on 28.02.2023 because the MSME registration was obtained after the CIRP initiation. The Supreme Court restored the matter for reconsideration, stating that Section 240A of the Code carves an exception for MSMEs. The RP was appointed, and the CoC was constituted, comprising the Financial Creditor and Home Buyers holding 100% of the voting share. The RP appointed registered valuers and prepared an Information
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Shree Aashraya…
Main Company Petition…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Shree Aashraya Infra-Con Limited. The CIRP was initiated based on an application filed by Shree Ashraya Souhard Credit Society Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor was incorporated in 1995 and registered as an MSME on 15.07.2021. The main Company Petition (CP(IB) No. 196/BB/2020) was admitted on 06.04.2021. An earlier resolution plan was rejected on 28.02.2023 because the MSME registration was obtained after the CIRP initiation, making the Resolution Applicants ineligible under Section 29A read with 240A of IBC. An appeal was filed before the NCLAT Chennai, which was also disposed of upholding the NCLT order. Subsequently, an appeal was filed
…Shree Aashraya Infra-Con Limited, the Corporate Debtor, was incorporated in 1995 and registered as an MSME on 15.07.2021. The CIRP was initiated by Shree Ashraya Souhard Credit Society Limited, the Financial Creditor, under Section 7 of the IBC. The main Company Petition (CP(IB) No. 196/BB/2020) was admitted on 06.04.2021. An earlier resolution plan was rejected on 28.02.2023 because the MSME registration was obtained after the CIRP initiation. The Supreme Court restored the matter for reconsideration, stating that Section 240A of the Code carves an exception for MSMEs. The RP was appointed, and the CoC was constituted, comprising the Financial Creditor and Home Buyers holding 100% of the voting share. The RP appointed registered valuers and prepared an Information
…Shree Aashraya…
Main Company Petition…