Bank of India filed an insolvency application under Section 7 of the Code being CP(IB) 9 of 2021 for initiation of Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor, Shree Rajeshwaranand Paper Mills Limited, which was admitted vide Order dated 07.12.2022. Vineeta Maheshwari was appointed as IRP. A public announcement inviting claims from creditors was made on 16.12.2022. The IRP constituted the Committee of Creditors ("CoC"). The Resolution Professional (RP) filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Mercury Terra Firma, the successful Resolution Applicant.
Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Shree Rajeshwaranand Paper Mills Limited under Section 7 of the IBC, which was admitted on 07.12.2022. Vineeta Maheshwari was appointed as the initial IRP. Sunit Jagdishchandra Shah was later appointed as the RP. The RP published Form-G inviting Expression of Interest (EoI). The CoC was formed, comprising secured and unsecured financial creditors. Several CoC meetings were held to discuss the resolution process, including the criteria for Earnest Money Deposit (EMD), turnover, and net worth. The RP received multiple EoIs and resolution plans. The RP conducted a Swiss Challenge Mechanism for bidding. The CIRP period was extended multiple times. The suspended board of directors filed a reply
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Insolvency app…
Corporate Insolvency Resolution Process (CIRP)…
Bank of India filed an insolvency application under Section 7 of the Code being CP(IB) 9 of 2021 for initiation of Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor, Shree Rajeshwaranand Paper Mills Limited, which was admitted vide Order dated 07.12.2022. Vineeta Maheshwari was appointed as IRP. A public announcement inviting claims from creditors was made on 16.12.2022. The IRP constituted the Committee of Creditors ("CoC"). The Resolution Professional (RP) filed an application under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Mercury Terra Firma, the successful Resolution Applicant.
Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Shree Rajeshwaranand Paper Mills Limited under Section 7 of the IBC, which was admitted on 07.12.2022. Vineeta Maheshwari was appointed as the initial IRP. Sunit Jagdishchandra Shah was later appointed as the RP. The RP published Form-G inviting Expression of Interest (EoI). The CoC was formed, comprising secured and unsecured financial creditors. Several CoC meetings were held to discuss the resolution process, including the criteria for Earnest Money Deposit (EMD), turnover, and net worth. The RP received multiple EoIs and resolution plans. The RP conducted a Swiss Challenge Mechanism for bidding. The CIRP period was extended multiple times. The suspended board of directors filed a reply
…Insolvency app…
Corporate Insolvency Resolution Process (CIRP)…