The case pertains to the Corporate Insolvency Resolution Process (CIRP) of United News of India, initiated by United News of India Workers' Union as an Operational Creditor. The Resolution Professional (RP), Ms. Pooja Bahry, filed an application (I.A. No. 60/2024) under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the resolution plan submitted by The Statesman Limited. The Corporate Debtor was admitted into CIRP on 19.05.2023. The CIRP period was extended beyond 330 days due to the complexity of the case and the general elections. Three resolution plans were received, with The Statesman Limited's plan being the only one that met the requirements. The Committee of Creditors (CoC), consisting solely of State Bank of India, approved
…United News of India (UNI) underwent Corporate Insolvency Resolution Process (CIRP) initiated by its Workers' Union. Ms. Pooja Bahry was appointed as the Resolution Professional (RP). The RP filed an application seeking approval of the resolution plan submitted by The Statesman Limited. The Corporate Debtor was admitted to CIRP on 19.05.2023. State Bank of India (SBI) was the sole member of the Committee of Creditors (CoC) and approved the resolution plan with 100% voting share. The CIRP period was extended due to the complexity of the case and the general elections. The resolution plan proposed a total payment of Rs. 72 Crores to various stakeholders. The plan included provisions for the payment of CIRP costs, operational creditors, financial creditors, and employees.
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CP(IB) No. 764/ND/2022…
Corporate Debtor was…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of United News of India, initiated by United News of India Workers' Union as an Operational Creditor. The Resolution Professional (RP), Ms. Pooja Bahry, filed an application (I.A. No. 60/2024) under Section 30(6) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the resolution plan submitted by The Statesman Limited. The Corporate Debtor was admitted into CIRP on 19.05.2023. The CIRP period was extended beyond 330 days due to the complexity of the case and the general elections. Three resolution plans were received, with The Statesman Limited's plan being the only one that met the requirements. The Committee of Creditors (CoC), consisting solely of State Bank of India, approved
…United News of India (UNI) underwent Corporate Insolvency Resolution Process (CIRP) initiated by its Workers' Union. Ms. Pooja Bahry was appointed as the Resolution Professional (RP). The RP filed an application seeking approval of the resolution plan submitted by The Statesman Limited. The Corporate Debtor was admitted to CIRP on 19.05.2023. State Bank of India (SBI) was the sole member of the Committee of Creditors (CoC) and approved the resolution plan with 100% voting share. The CIRP period was extended due to the complexity of the case and the general elections. The resolution plan proposed a total payment of Rs. 72 Crores to various stakeholders. The plan included provisions for the payment of CIRP costs, operational creditors, financial creditors, and employees.
…CP(IB) No. 764/ND/2022…
Corporate Debtor was…