The case involves an application under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, for the approval of a Resolution Plan for Bansal Alumex Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Oriental Bank of Commerce under Section 7 of the IBC, due to defaults by Bansal Alumex, which also served as a corporate guarantor for Krishna Alex Pvt Ltd. The CIRP faced delays due to COVID-19 related lockdowns and the need for coordinated resolution with Krishna Alex Pvt Ltd. The Resolution Professional (RP) conducted multiple Committee of Creditors (CoC) meetings and issued invitations for Expression of Interest (EoI) from potential resolution applicants. After several rounds of revisions
…Oriental Bank of Commerce initiated Corporate Insolvency Resolution Process (CIRP) against Bansal Alumex Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Bansal Alumex also acted as a corporate guarantor for Krishna Alex Pvt Ltd, which also underwent CIRP. Rachna Jhunjhunwala was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP was delayed due to COVID-19 lockdowns, with the exclusion period granted by the Adjudicating Authority. The RP conducted 21 CoC meetings and issued invitations for Expression of Interest (EoI). Six resolution plans were received, with five being common with Krishna Alex Pvt. Ltd. The CoC provided opportunities for applicants to revise their
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CP(IB) No. 1204/KB/2019…
CP (IB)No. 1400/KB/2019…
The case involves an application under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, for the approval of a Resolution Plan for Bansal Alumex Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Oriental Bank of Commerce under Section 7 of the IBC, due to defaults by Bansal Alumex, which also served as a corporate guarantor for Krishna Alex Pvt Ltd. The CIRP faced delays due to COVID-19 related lockdowns and the need for coordinated resolution with Krishna Alex Pvt Ltd. The Resolution Professional (RP) conducted multiple Committee of Creditors (CoC) meetings and issued invitations for Expression of Interest (EoI) from potential resolution applicants. After several rounds of revisions
…Oriental Bank of Commerce initiated Corporate Insolvency Resolution Process (CIRP) against Bansal Alumex Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Bansal Alumex also acted as a corporate guarantor for Krishna Alex Pvt Ltd, which also underwent CIRP. Rachna Jhunjhunwala was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The CIRP was delayed due to COVID-19 lockdowns, with the exclusion period granted by the Adjudicating Authority. The RP conducted 21 CoC meetings and issued invitations for Expression of Interest (EoI). Six resolution plans were received, with five being common with Krishna Alex Pvt. Ltd. The CoC provided opportunities for applicants to revise their
…CP(IB) No. 1204/KB/2019…
CP (IB)No. 1400/KB/2019…