The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. YKM Entertainment & Hotels Private Limited following the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) 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 those by GVPR Engineers Limited challenging the resolution plan approval process, and an application by the RP seeking approval of the resolution plan submitted by M/s. Square Four Housing & Infrastructure Development Private Limited.
The State Bank of India initiated CIRP against YKM Entertainment & Hotels Private Limited under Section 7 of IBC. Dantu Indu Sekhar was appointed as RP. The RP invited Expression of Interest (EOI) and received multiple resolution plans. GVPR Engineers Limited, an applicant, challenged the resolution process, alleging irregularities in the modification of plans and consideration of offers. The CoC approved the resolution plan of Square Four Housing & Infrastructure Development Private Limited. GVPR Engineers claimed that its revised offer of Rs. 90 crores was not duly considered. The RP and CoC contended that the process was fair, and the approved plan maximized asset value. The NCLT considered whether the CoC and RP complied with IBC regulations and whether the
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The application under Section 7 filed by the…
Sri Dantu Indu Sekhar was appointed as…
The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. YKM Entertainment & Hotels Private Limited following the admission of a Section 7 application under the Insolvency and Bankruptcy Code (IBC) 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 those by GVPR Engineers Limited challenging the resolution plan approval process, and an application by the RP seeking approval of the resolution plan submitted by M/s. Square Four Housing & Infrastructure Development Private Limited.
The State Bank of India initiated CIRP against YKM Entertainment & Hotels Private Limited under Section 7 of IBC. Dantu Indu Sekhar was appointed as RP. The RP invited Expression of Interest (EOI) and received multiple resolution plans. GVPR Engineers Limited, an applicant, challenged the resolution process, alleging irregularities in the modification of plans and consideration of offers. The CoC approved the resolution plan of Square Four Housing & Infrastructure Development Private Limited. GVPR Engineers claimed that its revised offer of Rs. 90 crores was not duly considered. The RP and CoC contended that the process was fair, and the approved plan maximized asset value. The NCLT considered whether the CoC and RP complied with IBC regulations and whether the
…The application under Section 7 filed by the…
Sri Dantu Indu Sekhar was appointed as…