The case pertains to IA No.252 of 2021 in CP (IB) No.305/BB/2019 before the National Company Law Tribunal (NCLT), Bengaluru Bench, concerning the Corporate Insolvency Resolution Process (CIRP) of M/s. Arun Shelters Pvt. Ltd. The CIRP was initiated following a petition filed by Kotak Mahindra Bank Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT admitted the petition on 31.01.2020. The case involves the approval of a resolution plan submitted by a consortium of Mr. S.M. Kamal Pasha and Mr. Syed Fahad. The resolution plan proposed a payout of Rs.53.42 Crores in 100% settlement of all financial and operational creditor claims, excluding promoter claims. The resolution plan also involves a scheme of demerger, where a Special Purpose
…M/s. Arun Shelters Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated by Kotak Mahindra Bank Limited due to financial default. The CIRP was admitted on 31.01.2020. Ms. Sripriya Kumar was appointed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) primarily consisting of Kotak Mahindra Bank and a few home buyers. A resolution plan was submitted by a consortium of Mr. S.M. Kamal Pasha and Mr. Syed Fahad, proposing a payout of Rs.53.42 Crores. The plan involved a scheme of demerger, where a Special Purpose Vehicle (SPV) would take over Project Arun Aurovilla. The suspended Promoter and Director, Mr. Arun Kumar M., raised objections, arguing the resolution applicants were disqualified under Section 29A of the
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The Adjudicating Authority admitted the Company…
The erstwhile RP issued a public announcement…
The case pertains to IA No.252 of 2021 in CP (IB) No.305/BB/2019 before the National Company Law Tribunal (NCLT), Bengaluru Bench, concerning the Corporate Insolvency Resolution Process (CIRP) of M/s. Arun Shelters Pvt. Ltd. The CIRP was initiated following a petition filed by Kotak Mahindra Bank Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT admitted the petition on 31.01.2020. The case involves the approval of a resolution plan submitted by a consortium of Mr. S.M. Kamal Pasha and Mr. Syed Fahad. The resolution plan proposed a payout of Rs.53.42 Crores in 100% settlement of all financial and operational creditor claims, excluding promoter claims. The resolution plan also involves a scheme of demerger, where a Special Purpose
…M/s. Arun Shelters Pvt. Ltd. underwent Corporate Insolvency Resolution Process (CIRP) initiated by Kotak Mahindra Bank Limited due to financial default. The CIRP was admitted on 31.01.2020. Ms. Sripriya Kumar was appointed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) primarily consisting of Kotak Mahindra Bank and a few home buyers. A resolution plan was submitted by a consortium of Mr. S.M. Kamal Pasha and Mr. Syed Fahad, proposing a payout of Rs.53.42 Crores. The plan involved a scheme of demerger, where a Special Purpose Vehicle (SPV) would take over Project Arun Aurovilla. The suspended Promoter and Director, Mr. Arun Kumar M., raised objections, arguing the resolution applicants were disqualified under Section 29A of the
…The Adjudicating Authority admitted the Company…
The erstwhile RP issued a public announcement…