The case involves a corporate insolvency resolution process (CIRP) initiated against Universal Buildwell Private Limited. The CIRP was triggered by an application filed by Pallavi Joshi Bakhru under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The resolution plan submitted by Universal Aura Welfare Association, Universal Greens Buyers Association, and Universal Business Park Owners Association was approved by the Committee of Creditors (CoC) with 70.44% voting share. Several applications (IAs) were filed, including those seeking approval of the resolution plan and objections to it. The main contention revolves around the treatment of dissenting financial creditors, particularly DHFL, Kotak Mahindra Bank Limited, and Kotak Mahindra Prime Limited, and
…Pallavi Joshi Bakhru initiated CIRP against Universal Buildwell Private Limited under Section 7 of IBC, 2016. The application was admitted on 03.07.2018. Atul Kumar Kansal was appointed as IRP and later confirmed as RP. The resolution plan submitted by Universal Aura Welfare Association, Universal Greens Buyers Association, and Universal Business Park Owners Association was approved by the CoC with 70.44% voting share. Several IAs were filed, including IA-5003/2021 seeking approval of the resolution plan. Dissenting financial creditors, including DHFL, Kotak Mahindra Bank Limited, and Kotak Mahindra Prime Limited, raised objections regarding the treatment of their claims. The Adjudicating Authority initially directed the CoC to re-examine the liquidation value, but
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CIRP initiated…
Atul Kumar…
The case involves a corporate insolvency resolution process (CIRP) initiated against Universal Buildwell Private Limited. The CIRP was triggered by an application filed by Pallavi Joshi Bakhru under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The resolution plan submitted by Universal Aura Welfare Association, Universal Greens Buyers Association, and Universal Business Park Owners Association was approved by the Committee of Creditors (CoC) with 70.44% voting share. Several applications (IAs) were filed, including those seeking approval of the resolution plan and objections to it. The main contention revolves around the treatment of dissenting financial creditors, particularly DHFL, Kotak Mahindra Bank Limited, and Kotak Mahindra Prime Limited, and
…Pallavi Joshi Bakhru initiated CIRP against Universal Buildwell Private Limited under Section 7 of IBC, 2016. The application was admitted on 03.07.2018. Atul Kumar Kansal was appointed as IRP and later confirmed as RP. The resolution plan submitted by Universal Aura Welfare Association, Universal Greens Buyers Association, and Universal Business Park Owners Association was approved by the CoC with 70.44% voting share. Several IAs were filed, including IA-5003/2021 seeking approval of the resolution plan. Dissenting financial creditors, including DHFL, Kotak Mahindra Bank Limited, and Kotak Mahindra Prime Limited, raised objections regarding the treatment of their claims. The Adjudicating Authority initially directed the CoC to re-examine the liquidation value, but
…CIRP initiated…
Atul Kumar…