The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Indiabulls Consumer Finance Limited against the Successful Resolution Applicant (SRA) and others, seeking a direction for the SRA to disburse the amount due to the dissenting financial creditor as per Section 53(1) of the Code. The corporate insolvency resolution process (CIRP) was initiated against EMC Limited, with Almas Global Opportunity Fund SPC being the successful resolution applicant. The resolution plan was approved by the Committee of Creditors (CoC) and the Adjudicating Authority. However, the SRA failed to implement the resolution plan within the stipulated time, leading to the application for its abrogation and invocation of performance bank
…Mr. Beni Gopal Singhi, an Operational Creditor, initiated CIRP against EMC Limited (Corporate Debtor). The CIRP was admitted on 12 November 2018. Mr. Kannan Tiruvengadam was appointed as the Resolution Professional (RP). Almas Global Opportunity Fund SPC (SRA) submitted a resolution plan that was approved by the CoC with 80.18% votes on 01 October 2019 and subsequently approved by the Adjudicating Authority on 21 October 2019. The SRA was required to make a payment of ₹568 crore within sixty days of the resolution plan's approval. The SRA made a payment of ₹30 crore on 08 January 2021 towards Earnest Money Deposit (EMD) and Performance Bank Guarantee (PBG). The Monitoring Committee was constituted on 02 November 2019, with the erstwhile RP as its Chairman. The SRA
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Application admitted into Corporate…
Mr. Kannan Tiruvengadam…
The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by Indiabulls Consumer Finance Limited against the Successful Resolution Applicant (SRA) and others, seeking a direction for the SRA to disburse the amount due to the dissenting financial creditor as per Section 53(1) of the Code. The corporate insolvency resolution process (CIRP) was initiated against EMC Limited, with Almas Global Opportunity Fund SPC being the successful resolution applicant. The resolution plan was approved by the Committee of Creditors (CoC) and the Adjudicating Authority. However, the SRA failed to implement the resolution plan within the stipulated time, leading to the application for its abrogation and invocation of performance bank
…Mr. Beni Gopal Singhi, an Operational Creditor, initiated CIRP against EMC Limited (Corporate Debtor). The CIRP was admitted on 12 November 2018. Mr. Kannan Tiruvengadam was appointed as the Resolution Professional (RP). Almas Global Opportunity Fund SPC (SRA) submitted a resolution plan that was approved by the CoC with 80.18% votes on 01 October 2019 and subsequently approved by the Adjudicating Authority on 21 October 2019. The SRA was required to make a payment of ₹568 crore within sixty days of the resolution plan's approval. The SRA made a payment of ₹30 crore on 08 January 2021 towards Earnest Money Deposit (EMD) and Performance Bank Guarantee (PBG). The Monitoring Committee was constituted on 02 November 2019, with the erstwhile RP as its Chairman. The SRA
…Application admitted into Corporate…
Mr. Kannan Tiruvengadam…