The case involves an application under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, regarding the approval of a resolution plan for Camerich Papers Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by an operational creditor. Several meetings of the Committee of Creditors (CoC) were held to discuss and negotiate resolution plans. Nyssa Corporation Limited submitted a resolution plan that was initially approved by the CoC, subject to the condition of submitting a performance guarantee. The CIRP commenced on 27.02.2024.
The Corporate Insolvency Resolution Process (CIRP) for Camerich Papers Private Limited was initiated following an application by an operational creditor. The CIRP commenced on 27.02.2024. Nyssa Corporation Limited submitted a resolution plan that was approved by the Committee of Creditors (CoC) on 21.01.2025, contingent upon the deposit of a performance guarantee of Rs. 2.50 Crores by 28.01.2025. The Resolution Professional (RP) repeatedly communicated with Nyssa Corporation Limited regarding the performance guarantee, but the SRA failed to comply, citing liquidity issues and a pending loan application. The CoC extended the deadline to 24.03.2025. The CoC resolved to forfeit the SRA's Earnest Money Deposit (EMD) of Rs. 2,75,00,000 and sought permission to issue a fresh
…Sign in to view the parties.
IBBI issued circular number…
Corporate Insolvency Resolution Process…
The case involves an application under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016, regarding the approval of a resolution plan for Camerich Papers Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by an operational creditor. Several meetings of the Committee of Creditors (CoC) were held to discuss and negotiate resolution plans. Nyssa Corporation Limited submitted a resolution plan that was initially approved by the CoC, subject to the condition of submitting a performance guarantee. The CIRP commenced on 27.02.2024.
The Corporate Insolvency Resolution Process (CIRP) for Camerich Papers Private Limited was initiated following an application by an operational creditor. The CIRP commenced on 27.02.2024. Nyssa Corporation Limited submitted a resolution plan that was approved by the Committee of Creditors (CoC) on 21.01.2025, contingent upon the deposit of a performance guarantee of Rs. 2.50 Crores by 28.01.2025. The Resolution Professional (RP) repeatedly communicated with Nyssa Corporation Limited regarding the performance guarantee, but the SRA failed to comply, citing liquidity issues and a pending loan application. The CoC extended the deadline to 24.03.2025. The CoC resolved to forfeit the SRA's Earnest Money Deposit (EMD) of Rs. 2,75,00,000 and sought permission to issue a fresh
…IBBI issued circular number…
Corporate Insolvency Resolution Process…