The case involves an application (I.A. 317/2022) filed by Central Bank of India under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, against ETCO Denim Private Limited (Corporate Debtor). The application challenges the eligibility of the Ex-Promoter, Mr. Ramesh Shah, as a Successful Resolution Applicant and opposes the Resolution Plan submitted by him. The Corporate Insolvency Resolution Process (CIRP) was initiated against ETCO Denim Private Limited based on a Section 9 application filed by Mahakali Fuel Private Limited (Operational Creditor). The applicant contends that the corporate debtor does not fall under the criteria of MSME as per the Government Notification No. SO 1702(E) dated 01.06.2020 read with the MSMED Act, 2006.
Mahakali Fuel Private Limited (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against ETCO Denim Private Limited (Corporate Debtor). Mr. Swapnil Mukund Agarwal was appointed as Interim Resolution Professional (IRP), later replaced by Mr. Nandkishore Deshpande. The Resolution Professional prepared an Information Memorandum dated 28.09.2021. The Corporate Debtor got registered as MSME after the CIRP was initiated, based on a notification dated 01.06.2020. Mr. Ramesh Shah, the Ex-Promoter of the Corporate Debtor, submitted a Resolution Plan in consortium with Masitia Capital Services Pvt. Ltd., which was approved by the CoC in its 26th meeting held on
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The Tribunal admitted a Company Petition…
Mr. Swapnil Mukund…
The case involves an application (I.A. 317/2022) filed by Central Bank of India under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, against ETCO Denim Private Limited (Corporate Debtor). The application challenges the eligibility of the Ex-Promoter, Mr. Ramesh Shah, as a Successful Resolution Applicant and opposes the Resolution Plan submitted by him. The Corporate Insolvency Resolution Process (CIRP) was initiated against ETCO Denim Private Limited based on a Section 9 application filed by Mahakali Fuel Private Limited (Operational Creditor). The applicant contends that the corporate debtor does not fall under the criteria of MSME as per the Government Notification No. SO 1702(E) dated 01.06.2020 read with the MSMED Act, 2006.
Mahakali Fuel Private Limited (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, initiating Corporate Insolvency Resolution Process (CIRP) against ETCO Denim Private Limited (Corporate Debtor). Mr. Swapnil Mukund Agarwal was appointed as Interim Resolution Professional (IRP), later replaced by Mr. Nandkishore Deshpande. The Resolution Professional prepared an Information Memorandum dated 28.09.2021. The Corporate Debtor got registered as MSME after the CIRP was initiated, based on a notification dated 01.06.2020. Mr. Ramesh Shah, the Ex-Promoter of the Corporate Debtor, submitted a Resolution Plan in consortium with Masitia Capital Services Pvt. Ltd., which was approved by the CoC in its 26th meeting held on
…The Tribunal admitted a Company Petition…
Mr. Swapnil Mukund…