The case involves an application (IA-04/2024) in an insolvency resolution process (IB-744/ND/2022) concerning Starlit Power Systems Limited, the Corporate Debtor. Advani Private Limited, a Financial Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application seeks approval of a resolution plan submitted by Ms. Babita Jain, the Successful Resolution Applicant (SRA). The CIRP process included the appointment of an Interim Resolution Professional (IRP), formation of a Committee of Creditors (CoC), invitation of Expression of Interest (EOI), submission of resolution plans, negotiations, and approval of the resolution plan by the CoC with 97% voting share. The Resolution
…Advani Private Limited initiated CIRP against Starlit Power Systems Limited under Section 7 of IBC, 2016. The NCLT admitted the application on 2023-03-20. Khushvinder Singhal was appointed as the Interim Resolution Professional (IRP). The IRP published Form-A on 2023-03-22, inviting claims from creditors. The Committee of Creditors (CoC) was formed, consisting of Punjab National Bank and Adani Powers Ltd. The CoC appointed Ms. Reshma Mittal as the Resolution Professional (RP) on 2023-07-26. The RP re-published Form-G on 2023-08-28, inviting EOIs. The deadline for submission of EOI was 2023-09-12. The RP received EOIs from 17 prospective resolution applicants. The RP extended the CIRP timeline by 90 days until 2023-12-15. The RP issued a provisional list of Prospective
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Application bearing CP No. (IB) 744/ND/2022 was…
The Hon'ble Tribunal admitted the application…
The case involves an application (IA-04/2024) in an insolvency resolution process (IB-744/ND/2022) concerning Starlit Power Systems Limited, the Corporate Debtor. Advani Private Limited, a Financial Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application seeks approval of a resolution plan submitted by Ms. Babita Jain, the Successful Resolution Applicant (SRA). The CIRP process included the appointment of an Interim Resolution Professional (IRP), formation of a Committee of Creditors (CoC), invitation of Expression of Interest (EOI), submission of resolution plans, negotiations, and approval of the resolution plan by the CoC with 97% voting share. The Resolution
…Advani Private Limited initiated CIRP against Starlit Power Systems Limited under Section 7 of IBC, 2016. The NCLT admitted the application on 2023-03-20. Khushvinder Singhal was appointed as the Interim Resolution Professional (IRP). The IRP published Form-A on 2023-03-22, inviting claims from creditors. The Committee of Creditors (CoC) was formed, consisting of Punjab National Bank and Adani Powers Ltd. The CoC appointed Ms. Reshma Mittal as the Resolution Professional (RP) on 2023-07-26. The RP re-published Form-G on 2023-08-28, inviting EOIs. The deadline for submission of EOI was 2023-09-12. The RP received EOIs from 17 prospective resolution applicants. The RP extended the CIRP timeline by 90 days until 2023-12-15. The RP issued a provisional list of Prospective
…Application bearing CP No. (IB) 744/ND/2022 was…
The Hon'ble Tribunal admitted the application…