The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Circar Jute Mills Private Limited. The Resolution Professional (RP) filed an application seeking approval of a resolution plan submitted by Shri Gaurang Bhartia and Smt. Manju Bhartia. The Committee of Creditors (CoC) approved the resolution plan, but the RP's checklist indicated contraventions of Section 30(4) of the Insolvency and Bankruptcy Code (IBC). The RP was directed to convene a meeting of the CoC and place the revised/final resolution plan dated 11.02.2023 submitted by R2 before the CoC for their discussion and voting on the resolution plan dated 11.02.2023. The CoC approved the resolution plan with 100% voting. The Adjudicating Authority is now considering the approval
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Circar Jute Mills Private Limited. Mr. Ajay Kumar Jain was initially appointed as the Interim Resolution Professional (IRP), later replaced by another RP. The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss and evaluate resolution plans. Shri Gaurang Bhartia and Smt. Manju Bhartia submitted a resolution plan with an initial bid of Rs 20.21 crores, which was later revised to Rs 12.47 crores and then to Rs 14.09 crores. The CoC approved the revised resolution plan. However, the RP's checklist indicated contraventions of Section 30(4) of the IBC. The liquidation value of the company was Rs. 11.84 Crores, and Fair Value is Rs 15.55 crores. The value of the
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The Tribunal admitted the Company Petition…
Mr. Ajay Kumar Jain was…
The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Circar Jute Mills Private Limited. The Resolution Professional (RP) filed an application seeking approval of a resolution plan submitted by Shri Gaurang Bhartia and Smt. Manju Bhartia. The Committee of Creditors (CoC) approved the resolution plan, but the RP's checklist indicated contraventions of Section 30(4) of the Insolvency and Bankruptcy Code (IBC). The RP was directed to convene a meeting of the CoC and place the revised/final resolution plan dated 11.02.2023 submitted by R2 before the CoC for their discussion and voting on the resolution plan dated 11.02.2023. The CoC approved the resolution plan with 100% voting. The Adjudicating Authority is now considering the approval
…The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Circar Jute Mills Private Limited. Mr. Ajay Kumar Jain was initially appointed as the Interim Resolution Professional (IRP), later replaced by another RP. The Committee of Creditors (CoC) was constituted, and several meetings were held to discuss and evaluate resolution plans. Shri Gaurang Bhartia and Smt. Manju Bhartia submitted a resolution plan with an initial bid of Rs 20.21 crores, which was later revised to Rs 12.47 crores and then to Rs 14.09 crores. The CoC approved the revised resolution plan. However, the RP's checklist indicated contraventions of Section 30(4) of the IBC. The liquidation value of the company was Rs. 11.84 Crores, and Fair Value is Rs 15.55 crores. The value of the
…The Tribunal admitted the Company Petition…
Mr. Ajay Kumar Jain was…