The case pertains to IA/933(AHM)2023 filed in CP(IB) 177 of 2020 under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI Regulations, seeking approval of the resolution plan for Superdrawn Wire Industries Private Limited. The CIRP commenced on 2022-03-16 following an application under Section 7 by Teco Industries. An IRP was appointed, and subsequently replaced by Mr. Dinesh Gopal Mundada, and then by Mr. Manish Santosh Buchasia. Several IAs were filed, including challenges to the CoC constitution and requests for CIRP extension. The CoC approved the resolution plan submitted by ASEL Financial Services Limited with 100% voting share.
Superdrawn Wire Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Teco Industries under Section 7 of the IBC. Several Interim Applications (IAs) were filed during the CIRP, including challenges to the constitution of the Committee of Creditors (CoC) and requests for extension of the CIRP period. The CoC, comprised of sole financial creditor Raj Radhe Finance Limited, approved a resolution plan submitted by ASEL Financial Services Limited with 100% voting share. The resolution plan proposed a payment structure for various creditors, including secured financial creditors, unsecured financial creditors, and operational creditors. The Resolution Applicant, ASEL Financial Services Limited, provided Rs. 10,00,000/- to the RP and
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CIRP commenced vide order dated 2022-03-16 on…
The case pertains to IA/933(AHM)2023 filed in CP(IB) 177 of 2020 under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 39(4) of the IBBI Regulations, seeking approval of the resolution plan for Superdrawn Wire Industries Private Limited. The CIRP commenced on 2022-03-16 following an application under Section 7 by Teco Industries. An IRP was appointed, and subsequently replaced by Mr. Dinesh Gopal Mundada, and then by Mr. Manish Santosh Buchasia. Several IAs were filed, including challenges to the CoC constitution and requests for CIRP extension. The CoC approved the resolution plan submitted by ASEL Financial Services Limited with 100% voting share.
Superdrawn Wire Industries Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Teco Industries under Section 7 of the IBC. Several Interim Applications (IAs) were filed during the CIRP, including challenges to the constitution of the Committee of Creditors (CoC) and requests for extension of the CIRP period. The CoC, comprised of sole financial creditor Raj Radhe Finance Limited, approved a resolution plan submitted by ASEL Financial Services Limited with 100% voting share. The resolution plan proposed a payment structure for various creditors, including secured financial creditors, unsecured financial creditors, and operational creditors. The Resolution Applicant, ASEL Financial Services Limited, provided Rs. 10,00,000/- to the RP and
…Case fil…
CIRP commenced vide order dated 2022-03-16 on…