The case involves a corporate insolvency resolution process (CIRP) initiated against YKM Entertainment & Hotels Private Limited following the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC), 2016, filed by State Bank of India. Mr. Dantu Indu Sekhar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Several applications (IAs) were filed, including IA No. 1233/2023, IA No. 192/2023, Intervention Petition No. 13/2023, and IA No. 547/2023, which were interconnected and heard together. The CIRP involved inviting expressions of interest, receiving resolution plans, and evaluating them by the Committee of Creditors (CoC).
State Bank of India initiated CIRP against YKM Entertainment & Hotels Private Limited under Section 7 of IBC, which was admitted on 2022-01-05. Dantu Indu Sekhar was appointed as IRP and later confirmed as RP. The RP invited expressions of interest (EOI) in Form G on 2022-04-25, receiving 10 responses, but only two prospective resolution applicants (PRAs) were found eligible. The CoC advised improving the offered amount by 2022-02-27, and later decided to seek fresh EOIs on 2022-08-22. Fourteen resolution applicants submitted EOIs, with 11 found eligible. Six resolution applicants submitted resolution plans. The CoC evaluated these plans and extended the timeline for revised offers. The applicant in IA Nos. 1233, 547, and Intvn. P. 13 submitted a plan for Rs.63.7
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The case involves a corporate insolvency resolution process (CIRP) initiated against YKM Entertainment & Hotels Private Limited following the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC), 2016, filed by State Bank of India. Mr. Dantu Indu Sekhar was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Several applications (IAs) were filed, including IA No. 1233/2023, IA No. 192/2023, Intervention Petition No. 13/2023, and IA No. 547/2023, which were interconnected and heard together. The CIRP involved inviting expressions of interest, receiving resolution plans, and evaluating them by the Committee of Creditors (CoC).
State Bank of India initiated CIRP against YKM Entertainment & Hotels Private Limited under Section 7 of IBC, which was admitted on 2022-01-05. Dantu Indu Sekhar was appointed as IRP and later confirmed as RP. The RP invited expressions of interest (EOI) in Form G on 2022-04-25, receiving 10 responses, but only two prospective resolution applicants (PRAs) were found eligible. The CoC advised improving the offered amount by 2022-02-27, and later decided to seek fresh EOIs on 2022-08-22. Fourteen resolution applicants submitted EOIs, with 11 found eligible. Six resolution applicants submitted resolution plans. The CoC evaluated these plans and extended the timeline for revised offers. The applicant in IA Nos. 1233, 547, and Intvn. P. 13 submitted a plan for Rs.63.7
…State Bank of India's application under…
Expression of…