The case involves an application (IA 542/2022) filed by the Resolution Professional under Section 30(6) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the resolution plan submitted by Vinayak Steels Limited for the corporate debtor, Enaar Steel and Alloy Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Enaar Steel and Alloy Private Limited on 01.07.2022. Mr. Pavan Kankani was appointed as Interim Resolution Professional (IRP), later replaced by Mr. A. Someshwara Rao. The Committee of Creditors (CoC) was formed with Southern Power Distribution Company of Telangana Limited (TSSPDCL) as the sole operational creditor. The Resolution Professional carried out Form-G publication inviting Expression of
…Enaar Steel and Alloy Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 01.07.2022. Pavan Kankani was initially appointed as Interim Resolution Professional (IRP), later replaced by A. Someshwara Rao. Southern Power Distribution Company of Telangana Limited (TSSPDCL) was the sole operational creditor, forming the Committee of Creditors (CoC). The Resolution Professional (RP) issued Form-G, inviting Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs). Four resolution plans were received initially, but all were rejected by the CoC. A second Form-G was issued, leading to Vinayak Steels Limited submitting a resolution plan. The CoC approved Vinayak Steels Limited's plan with 100% voting share on 10/03/2023. The RP
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Corporate Insolvency Resolution Process (CIRP)…
Public announcement…
The case involves an application (IA 542/2022) filed by the Resolution Professional under Section 30(6) & 31 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval of the resolution plan submitted by Vinayak Steels Limited for the corporate debtor, Enaar Steel and Alloy Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Enaar Steel and Alloy Private Limited on 01.07.2022. Mr. Pavan Kankani was appointed as Interim Resolution Professional (IRP), later replaced by Mr. A. Someshwara Rao. The Committee of Creditors (CoC) was formed with Southern Power Distribution Company of Telangana Limited (TSSPDCL) as the sole operational creditor. The Resolution Professional carried out Form-G publication inviting Expression of
…Enaar Steel and Alloy Private Limited underwent Corporate Insolvency Resolution Process (CIRP) initiated on 01.07.2022. Pavan Kankani was initially appointed as Interim Resolution Professional (IRP), later replaced by A. Someshwara Rao. Southern Power Distribution Company of Telangana Limited (TSSPDCL) was the sole operational creditor, forming the Committee of Creditors (CoC). The Resolution Professional (RP) issued Form-G, inviting Expression of Interest (EOI) from Prospective Resolution Applicants (PRAs). Four resolution plans were received initially, but all were rejected by the CoC. A second Form-G was issued, leading to Vinayak Steels Limited submitting a resolution plan. The CoC approved Vinayak Steels Limited's plan with 100% voting share on 10/03/2023. The RP
…Corporate Insolvency Resolution Process (CIRP)…
Public announcement…