The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against General Composite Private Limited. The CIRP commenced on 03 September 2019. A resolution plan was approved by the NCLT on 11 August 2023. A monitoring committee (MC) was constituted to supervise the implementation of the resolution plan. The Successful Resolution Applicant (SRA), Mr. Pushkar Gulati, failed to make the upfront payment as per the approved resolution plan, leading to contravention of the plan. IA 108/2024 was filed seeking directions against the SRA for failing to perform its payment obligations. IA 5640/2023 was filed by the SRA seeking an extension of time to make the first installment payment.
The Corporate Insolvency Resolution Process (CIRP) of General Composite Private Limited commenced on 03 September 2019. A resolution plan was approved on 11 August 2023. Mr. Pushkar Gulati, the Successful Resolution Applicant (SRA), was required to make certain payments to creditors as per the approved resolution plan. The SRA failed to make the upfront payment of Rs. 1,32,93,465/- which was due by 9 October 2023. The SRA requested an extension of time to make the payment, citing liquidity issues and difficulties in securing funding. The Monitoring Committee (MC) discussed the issue in its meetings and noted that the SRA had not provided any concrete evidence of funding arrangements. The SRA had approached financial institutions and stressed asset funds to take over
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CIRP of Corporate…
In the 13th COC meeting convened on 23 July…
The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against General Composite Private Limited. The CIRP commenced on 03 September 2019. A resolution plan was approved by the NCLT on 11 August 2023. A monitoring committee (MC) was constituted to supervise the implementation of the resolution plan. The Successful Resolution Applicant (SRA), Mr. Pushkar Gulati, failed to make the upfront payment as per the approved resolution plan, leading to contravention of the plan. IA 108/2024 was filed seeking directions against the SRA for failing to perform its payment obligations. IA 5640/2023 was filed by the SRA seeking an extension of time to make the first installment payment.
The Corporate Insolvency Resolution Process (CIRP) of General Composite Private Limited commenced on 03 September 2019. A resolution plan was approved on 11 August 2023. Mr. Pushkar Gulati, the Successful Resolution Applicant (SRA), was required to make certain payments to creditors as per the approved resolution plan. The SRA failed to make the upfront payment of Rs. 1,32,93,465/- which was due by 9 October 2023. The SRA requested an extension of time to make the payment, citing liquidity issues and difficulties in securing funding. The Monitoring Committee (MC) discussed the issue in its meetings and noted that the SRA had not provided any concrete evidence of funding arrangements. The SRA had approached financial institutions and stressed asset funds to take over
…CIRP of Corporate…
In the 13th COC meeting convened on 23 July…