The case involves an application under Section 33 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of Capital Electronics and Appliances Limited. The CIRP was initiated based on an application filed under Section 9 of the IBC. The application was admitted on January 16, 2023, and an Interim Resolution Professional (IRP) was appointed. Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was formed, and meetings were held. However, due to various issues, including the withdrawal of claims by major financial creditors like Bajaj Finance Limited and Capfloat Financial Services Private Limited, the CoC's functioning was hampered, and no resolution
…ISERVE SOLUTIONS & SERVICES PRIVATE LIMITED initiated CIRP against CAPITAL ELECTRONICS AND APPLIANCES LIMITED under Section 9 of IBC, which was admitted on January 16, 2023, and Mr. Rasik Singhania was appointed as the Interim Resolution Professional (IRP). Public announcements were made on January 18, 2023, inviting claims from creditors. The Committee of Creditors (CoC) was formed, and its first meeting was held on February 14, 2023, where the IRP was confirmed as the Resolution Professional. Subsequently, Bajaj Finance Limited and Capfloat Financial Services Private Limited submitted claims, leading to the reconstitution of the CoC. Bajaj Finance Limited, holding 90.91% voting share, later sought to withdraw its claim, which was allowed by the Tribunal on
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An application under Section 9 of the…
The application was admitted by the Tribunal,…
The case involves an application under Section 33 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016, regarding the Corporate Insolvency Resolution Process (CIRP) of Capital Electronics and Appliances Limited. The CIRP was initiated based on an application filed under Section 9 of the IBC. The application was admitted on January 16, 2023, and an Interim Resolution Professional (IRP) was appointed. Public announcements were made to invite claims from creditors. The Committee of Creditors (CoC) was formed, and meetings were held. However, due to various issues, including the withdrawal of claims by major financial creditors like Bajaj Finance Limited and Capfloat Financial Services Private Limited, the CoC's functioning was hampered, and no resolution
…ISERVE SOLUTIONS & SERVICES PRIVATE LIMITED initiated CIRP against CAPITAL ELECTRONICS AND APPLIANCES LIMITED under Section 9 of IBC, which was admitted on January 16, 2023, and Mr. Rasik Singhania was appointed as the Interim Resolution Professional (IRP). Public announcements were made on January 18, 2023, inviting claims from creditors. The Committee of Creditors (CoC) was formed, and its first meeting was held on February 14, 2023, where the IRP was confirmed as the Resolution Professional. Subsequently, Bajaj Finance Limited and Capfloat Financial Services Private Limited submitted claims, leading to the reconstitution of the CoC. Bajaj Finance Limited, holding 90.91% voting share, later sought to withdraw its claim, which was allowed by the Tribunal on
…An application under Section 9 of the…
The application was admitted by the Tribunal,…