The case involves IA(IBC) 385 & 407/2023 in CP(IB) No. 329/7/HDB/2020, initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. State Bank of India, the Financial Creditor, filed a petition against Dharti Dredging and Infrastructure Ltd, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2022-04-05. The Resolution Professional (RP) published invitations for Expression of Interest (EoI), received multiple EOIs, and extended the submission deadline for resolution plans. The Committee of Creditors (CoC) approved a resolution plan submitted by Consortium of Yogayatan Ports Private Limited and Dr. Rajendra Raja Bali Singh. IA 407/2023 was filed by Mr. A. Rajendra, a shareholder and suspended managing director of
…Dharti Dredging and Infrastructure Ltd faced corporate insolvency, leading State Bank of India to initiate CIRP under Section 7 of IBC. Mr. Madhusudhan Rao Gonugunta was appointed as the Resolution Professional (RP). The RP invited Expression of Interest (EoI) and received multiple resolution plans. The Committee of Creditors (CoC) approved a resolution plan submitted by Consortium of Yogayatan Ports Private Limited and Dr. Rajendra Raja Bali Singh with 100% voting share. Mr. A. Rajendra, a shareholder and suspended managing director of Dharti Dredging, submitted a resolution plan, which the RP rejected, citing non-compliance with Section 29A of IBC and other deficiencies. Mr. Rajendra filed IA 407/2023 seeking to place his plan before the CoC and stay the approved
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The case involves IA(IBC) 385 & 407/2023 in CP(IB) No. 329/7/HDB/2020, initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. State Bank of India, the Financial Creditor, filed a petition against Dharti Dredging and Infrastructure Ltd, the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated on 2022-04-05. The Resolution Professional (RP) published invitations for Expression of Interest (EoI), received multiple EOIs, and extended the submission deadline for resolution plans. The Committee of Creditors (CoC) approved a resolution plan submitted by Consortium of Yogayatan Ports Private Limited and Dr. Rajendra Raja Bali Singh. IA 407/2023 was filed by Mr. A. Rajendra, a shareholder and suspended managing director of
…Dharti Dredging and Infrastructure Ltd faced corporate insolvency, leading State Bank of India to initiate CIRP under Section 7 of IBC. Mr. Madhusudhan Rao Gonugunta was appointed as the Resolution Professional (RP). The RP invited Expression of Interest (EoI) and received multiple resolution plans. The Committee of Creditors (CoC) approved a resolution plan submitted by Consortium of Yogayatan Ports Private Limited and Dr. Rajendra Raja Bali Singh with 100% voting share. Mr. A. Rajendra, a shareholder and suspended managing director of Dharti Dredging, submitted a resolution plan, which the RP rejected, citing non-compliance with Section 29A of IBC and other deficiencies. Mr. Rajendra filed IA 407/2023 seeking to place his plan before the CoC and stay the approved
…Company Petitio…
Corporate Insolvency Resolution Process…