The case pertains to an application filed by the Resolution Professional (RP) under Section 30(6) read with Sections 31 and 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a resolution plan submitted by BMD International Pvt. Ltd. for Baldva Textiles Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of an application under Section 9 of the Code by an operational creditor, Mr. Ajay Jain. The RP, Mr. Rishabh Chand Lodha, convened multiple meetings of the Committee of Creditors (CoC), appointed valuers, and invited resolution plans. The resolution plan submitted by BMD International Pvt. Ltd. was approved by the CoC with a 96.91% voting share. The RP then filed the present application for
…1. An application under Section 9 of the IBC was filed by Mr. Ajay Jain, an operational creditor, against Baldva Textiles Pvt. Ltd.
2. The National Company Law Tribunal (NCLT) admitted the application and initiated the Corporate Insolvency Resolution Process (CIRP) against Baldva Textiles Pvt. Ltd. on 11.11.2021.
3. Mr. Prashant Agarwal was appointed as the Interim Resolution Professional (IRP).
4. The IRP made a public announcement on 12.11.2021, inviting claims from creditors, with a deadline of 25.11.2021.
5. The IRP constituted a Committee of Creditors (CoC) on 02.12.2021, comprising five financial creditors: Punjab National Bank, HDFC Bank Limited, Axis Bank Limited, Bajaj Finance Limited, and ICICI Bank Limited.
6. The IRP appointed six registered valuers to carry out
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The Corporate Insolvency Resolution Process…
Mr. Prashant Agarwal…
The case pertains to an application filed by the Resolution Professional (RP) under Section 30(6) read with Sections 31 and 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of a resolution plan submitted by BMD International Pvt. Ltd. for Baldva Textiles Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of an application under Section 9 of the Code by an operational creditor, Mr. Ajay Jain. The RP, Mr. Rishabh Chand Lodha, convened multiple meetings of the Committee of Creditors (CoC), appointed valuers, and invited resolution plans. The resolution plan submitted by BMD International Pvt. Ltd. was approved by the CoC with a 96.91% voting share. The RP then filed the present application for
…1. An application under Section 9 of the IBC was filed by Mr. Ajay Jain, an operational creditor, against Baldva Textiles Pvt. Ltd.
2. The National Company Law Tribunal (NCLT) admitted the application and initiated the Corporate Insolvency Resolution Process (CIRP) against Baldva Textiles Pvt. Ltd. on 11.11.2021.
3. Mr. Prashant Agarwal was appointed as the Interim Resolution Professional (IRP).
4. The IRP made a public announcement on 12.11.2021, inviting claims from creditors, with a deadline of 25.11.2021.
5. The IRP constituted a Committee of Creditors (CoC) on 02.12.2021, comprising five financial creditors: Punjab National Bank, HDFC Bank Limited, Axis Bank Limited, Bajaj Finance Limited, and ICICI Bank Limited.
6. The IRP appointed six registered valuers to carry out
The Corporate Insolvency Resolution Process…
Mr. Prashant Agarwal…