The case involves an application (IA/1064/2021) moved by the Resolution Professional (RP) of Classic Knits India Private Limited under Section 30(6) & 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Knit Prime. The Corporate Insolvency Resolution Process (CIRP) was initiated against Classic Knits India Private Limited following an application under Section 9 of IBC, 2016 by an Operational Creditor, Renuka Process. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. The RP was later appointed, and the CoC resolved to extend the CIRP period. The resolution plan was submitted by Knit Prime, and after several CoC meetings and negotiations, the plan was approved
…Classic Knits India Private Limited faced Corporate Insolvency Resolution Process (CIRP) initiated by Renuka Process under Section 9 of IBC, 2016. Mr. Muthuraju was initially appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed with Union Bank of India, Canara Bank, and IDBI Bank Ltd as members, holding 71.2%, 17.8%, and 11% voting shares, respectively. CA.M. Suresh Kumar was later appointed as the Resolution Professional (RP). The CIRP period was extended by 90 days, excluding the COVID-19 lockdown period. An Expression of Interest (EOI) was published, and Knit Prime submitted a resolution plan for Rs. 15.93 Crores. The CoC negotiated with Knit Prime and requested revisions to the plan. Mr. Gautam, a suspended director,
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CIRP initiated against…
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The case involves an application (IA/1064/2021) moved by the Resolution Professional (RP) of Classic Knits India Private Limited under Section 30(6) & 31 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the Resolution Plan submitted by Knit Prime. The Corporate Insolvency Resolution Process (CIRP) was initiated against Classic Knits India Private Limited following an application under Section 9 of IBC, 2016 by an Operational Creditor, Renuka Process. An Interim Resolution Professional (IRP) was appointed, and a Committee of Creditors (CoC) was constituted. The RP was later appointed, and the CoC resolved to extend the CIRP period. The resolution plan was submitted by Knit Prime, and after several CoC meetings and negotiations, the plan was approved
…Classic Knits India Private Limited faced Corporate Insolvency Resolution Process (CIRP) initiated by Renuka Process under Section 9 of IBC, 2016. Mr. Muthuraju was initially appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed with Union Bank of India, Canara Bank, and IDBI Bank Ltd as members, holding 71.2%, 17.8%, and 11% voting shares, respectively. CA.M. Suresh Kumar was later appointed as the Resolution Professional (RP). The CIRP period was extended by 90 days, excluding the COVID-19 lockdown period. An Expression of Interest (EOI) was published, and Knit Prime submitted a resolution plan for Rs. 15.93 Crores. The CoC negotiated with Knit Prime and requested revisions to the plan. Mr. Gautam, a suspended director,
…CIRP initiated against…
Adjudicating Authority passed an order in…