The case involves applications (I.A.s) filed under Section 74 of the Insolvency and Bankruptcy Code, 2016, read with Section 60(5) of the same code. The applicants are seeking reliefs related to the non-implementation of a resolution plan approved for Divya Jyoti Sponge Iron Private Limited (Corporate Debtor). The resolution plan, submitted by C.P. Ispat Private Limited, was approved by the Committee of Creditors (CoC) on February 14, 2018, and subsequently by the Adjudicating Authority on March 13, 2018. The applicants, being operational creditors, claim that their dues were not cleared within the stipulated timeframe as per the resolution plan.
Divya Jyoti Sponge Iron Private Limited underwent Corporate Insolvency Resolution Process (CIRP). C.P. Ispat Private Limited's resolution plan was approved by the Committee of Creditors (CoC) on 14 February 2018, and by the Adjudicating Authority on 13 March 2018. Maan Steel & Power Limited, Al Ahad Traders Private Limited, and Dhanbad Fuels Limited, being operational creditors, filed claims against Divya Jyoti Sponge Iron Private Limited. Maan Steel & Power Limited supplied iron ore with dues of ₹11,61,404. Al Ahad Traders Private Limited supplied Iron Ore Pellets with dues of ₹87,64,486. Dhanbad Fuels Limited supplied Sponge Iron and Coal with dues of ₹75,55,558. The resolution plan proposed a haircut of 52.51% for operational creditors, to be paid within six
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The Resolution Plan submitted by C.P. Ispat…
The Adjudicating Authority approved the…
The case involves applications (I.A.s) filed under Section 74 of the Insolvency and Bankruptcy Code, 2016, read with Section 60(5) of the same code. The applicants are seeking reliefs related to the non-implementation of a resolution plan approved for Divya Jyoti Sponge Iron Private Limited (Corporate Debtor). The resolution plan, submitted by C.P. Ispat Private Limited, was approved by the Committee of Creditors (CoC) on February 14, 2018, and subsequently by the Adjudicating Authority on March 13, 2018. The applicants, being operational creditors, claim that their dues were not cleared within the stipulated timeframe as per the resolution plan.
Divya Jyoti Sponge Iron Private Limited underwent Corporate Insolvency Resolution Process (CIRP). C.P. Ispat Private Limited's resolution plan was approved by the Committee of Creditors (CoC) on 14 February 2018, and by the Adjudicating Authority on 13 March 2018. Maan Steel & Power Limited, Al Ahad Traders Private Limited, and Dhanbad Fuels Limited, being operational creditors, filed claims against Divya Jyoti Sponge Iron Private Limited. Maan Steel & Power Limited supplied iron ore with dues of ₹11,61,404. Al Ahad Traders Private Limited supplied Iron Ore Pellets with dues of ₹87,64,486. Dhanbad Fuels Limited supplied Sponge Iron and Coal with dues of ₹75,55,558. The resolution plan proposed a haircut of 52.51% for operational creditors, to be paid within six
…The Resolution Plan submitted by C.P. Ispat…
The Adjudicating Authority approved the…