The case involves multiple Interlocutory Applications (IAs) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Ultratech Cement Limited (UCL) by various applicants who provided services to Binani Cement Limited (BCL) during its Corporate Insolvency Resolution Process (CIRP). BCL was admitted into CIRP on July 26, 2017, following an application under Section 7 of the IBC by a financial creditor. The applicants, claiming to be operational creditors, submitted their claims to the Resolution Professional (RP). The Resolution Plan submitted by Rajputana Properties Private Limited (RPPL) was initially approved by the Committee of Creditors (CoC) but later rejected by the Adjudicating Authority. Subsequently, the CoC approved the Resolution Plan
…Binani Cement Limited (BCL), the Corporate Debtor, was engaged in the manufacturing and marketing of cement. It had appointed Binani Business Developers (BBDs) for networking, collection from dealers, sales, and marketing within specific geographical locations. BCL collected security deposits from both BBDs and authorized retailers. An application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was filed by a financial creditor, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) on July 26, 2017. Mr. Vijay Kumar V. Iyer was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made on July 27, 2017, inviting claims. The RP received responses from
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Corporate Insolvency…
Public announcement…
The case involves multiple Interlocutory Applications (IAs) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against Ultratech Cement Limited (UCL) by various applicants who provided services to Binani Cement Limited (BCL) during its Corporate Insolvency Resolution Process (CIRP). BCL was admitted into CIRP on July 26, 2017, following an application under Section 7 of the IBC by a financial creditor. The applicants, claiming to be operational creditors, submitted their claims to the Resolution Professional (RP). The Resolution Plan submitted by Rajputana Properties Private Limited (RPPL) was initially approved by the Committee of Creditors (CoC) but later rejected by the Adjudicating Authority. Subsequently, the CoC approved the Resolution Plan
…Binani Cement Limited (BCL), the Corporate Debtor, was engaged in the manufacturing and marketing of cement. It had appointed Binani Business Developers (BBDs) for networking, collection from dealers, sales, and marketing within specific geographical locations. BCL collected security deposits from both BBDs and authorized retailers. An application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was filed by a financial creditor, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) on July 26, 2017. Mr. Vijay Kumar V. Iyer was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP). A public announcement was made on July 27, 2017, inviting claims. The RP received responses from
…Corporate Insolvency…
Public announcement…