Phoenix ARC Private Limited, a financial creditor, initiated a corporate insolvency resolution process (CIRP) against GPI Textiles Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Tribunal admitted the petition on 06.07.2018 and appointed Mr. Jalesh Kumar Grover as the Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional by the Committee of Creditors (CoC). Aggarsain Spinners Limited submitted a resolution plan, which was approved by the CoC. M/s Shreeji Cotfab Ltd., an unsuccessful resolution applicant, filed IA No.348 of 2021 challenging the approval of Aggarsain Spinners Limited's resolution plan, alleging disqualification under Section 29A(f) of the Code due to SEBI
…Phoenix ARC Private Limited initiated CIRP against GPI Textiles Limited. M/s Shreeji Cotfab Ltd., an unsuccessful resolution applicant, challenged the resolution plan of Aggarsain Spinners Limited, alleging disqualification under Section 29A(f) of the IBC. Aggarsain Spinners Limited was allegedly debarred by SEBI from accessing the securities market due to non-compliance with SEBI circulars related to Exclusively Listed Companies (ELCs). Aggarsain Spinners Limited's name was prominently mentioned in a BSE notice dated 28.03.2018 regarding non-compliant ELCs. The applicant argued that Aggarsain Spinners Limited concealed this information. The Resolution Professional received an email from Ayat Processors stating Aggarsain Spinners was ineligible. Aggarsain Spinners
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Tribunal admitted the…
Mr. Jalesh Kumar Grover…
Phoenix ARC Private Limited, a financial creditor, initiated a corporate insolvency resolution process (CIRP) against GPI Textiles Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Tribunal admitted the petition on 06.07.2018 and appointed Mr. Jalesh Kumar Grover as the Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional by the Committee of Creditors (CoC). Aggarsain Spinners Limited submitted a resolution plan, which was approved by the CoC. M/s Shreeji Cotfab Ltd., an unsuccessful resolution applicant, filed IA No.348 of 2021 challenging the approval of Aggarsain Spinners Limited's resolution plan, alleging disqualification under Section 29A(f) of the Code due to SEBI
…Phoenix ARC Private Limited initiated CIRP against GPI Textiles Limited. M/s Shreeji Cotfab Ltd., an unsuccessful resolution applicant, challenged the resolution plan of Aggarsain Spinners Limited, alleging disqualification under Section 29A(f) of the IBC. Aggarsain Spinners Limited was allegedly debarred by SEBI from accessing the securities market due to non-compliance with SEBI circulars related to Exclusively Listed Companies (ELCs). Aggarsain Spinners Limited's name was prominently mentioned in a BSE notice dated 28.03.2018 regarding non-compliant ELCs. The applicant argued that Aggarsain Spinners Limited concealed this information. The Resolution Professional received an email from Ayat Processors stating Aggarsain Spinners was ineligible. Aggarsain Spinners
…Tribunal admitted the…
Mr. Jalesh Kumar Grover…