The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Uthara Fashion Knitwear Limited. The CIRP was initiated by the Adjudicating Authority on 01.07.2022, following an application by Stressed Assets Stabilization Fund (SASF) as a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Thilagar Murugesan was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Chandrasekhar Sagutoor as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were held to discuss and approve a resolution plan. The resolution plan submitted by Shree Veerakumar Fibre was approved by the CoC on 14.08.2023.
Uthara Fashion Knitwear Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Stressed Assets Stabilization Fund (SASF) on 01.07.2022. Chandrasekhar Sagutoor was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed and met multiple times. Shree Veerakumar Fibre submitted a resolution plan, which was approved by the CoC on 14.08.2023. The RP filed IA(IBC)/1747/(CHE)/2023 seeking approval of the resolution plan. The resolution plan proposed a payment of Rs. 25.60 Crore, higher than the liquidation value of Rs. 11.69 Crore. The net worth of the Successful Resolution Applicant (SRA) is Rs. 31.28 Crore. The resolution plan includes provisions for payment of CIRP costs, operational creditor claims, and management
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Corporate Insolvency…
Public Announcement…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Uthara Fashion Knitwear Limited. The CIRP was initiated by the Adjudicating Authority on 01.07.2022, following an application by Stressed Assets Stabilization Fund (SASF) as a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Thilagar Murugesan was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Chandrasekhar Sagutoor as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed, and several meetings were held to discuss and approve a resolution plan. The resolution plan submitted by Shree Veerakumar Fibre was approved by the CoC on 14.08.2023.
Uthara Fashion Knitwear Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated by Stressed Assets Stabilization Fund (SASF) on 01.07.2022. Chandrasekhar Sagutoor was appointed as the Resolution Professional (RP). The Committee of Creditors (CoC) was formed and met multiple times. Shree Veerakumar Fibre submitted a resolution plan, which was approved by the CoC on 14.08.2023. The RP filed IA(IBC)/1747/(CHE)/2023 seeking approval of the resolution plan. The resolution plan proposed a payment of Rs. 25.60 Crore, higher than the liquidation value of Rs. 11.69 Crore. The net worth of the Successful Resolution Applicant (SRA) is Rs. 31.28 Crore. The resolution plan includes provisions for payment of CIRP costs, operational creditor claims, and management
…Corporate Insolvency…
Public Announcement…