The case pertains to the approval of a Resolution Plan for M/s. Indosolar Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by the sole financial creditor, Corporation Bank. The Resolution Professional (RP), Mr. Gulshan Gaba, sought approval of the Resolution Plan as approved by the Committee of Creditors (CoC). The corporate debtor, M/s INDOSOLAR LIMITED, is engaged in the business of manufacturing high efficiency premium solar cell and modules. The manufacturing operations of the company are closed since May 2018 and almost all the employees stopped reporting to work since September 2018.
M/s. Indosolar Limited, the corporate debtor, is engaged in manufacturing high-efficiency premium solar cells and modules. Its registered office is in New Delhi. The company was incorporated on 08.04.2005. Manufacturing operations ceased in May 2018, with employees stopping work in September 2018. The CIRP was initiated based on an application by Corporation Bank, the sole financial creditor. The CIRP commenced on 12.04.2019. The RP received 8 claims, including 4 from financial creditors totaling Rs. 2138 crore. The CoC approved the publication of Form-G on 03.07.2019. The RP received 3 Expressions of Interest, with Waaree Energies Limited submitting a final Resolution Plan on 06.01.2020, approved by the CoC on 14.02.2020 with 100% voting. The Resolution Plan value is
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M/s INDOSOLAR…
Manufacturing…
The case pertains to the approval of a Resolution Plan for M/s. Indosolar Limited, a corporate debtor undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated following an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by the sole financial creditor, Corporation Bank. The Resolution Professional (RP), Mr. Gulshan Gaba, sought approval of the Resolution Plan as approved by the Committee of Creditors (CoC). The corporate debtor, M/s INDOSOLAR LIMITED, is engaged in the business of manufacturing high efficiency premium solar cell and modules. The manufacturing operations of the company are closed since May 2018 and almost all the employees stopped reporting to work since September 2018.
M/s. Indosolar Limited, the corporate debtor, is engaged in manufacturing high-efficiency premium solar cells and modules. Its registered office is in New Delhi. The company was incorporated on 08.04.2005. Manufacturing operations ceased in May 2018, with employees stopping work in September 2018. The CIRP was initiated based on an application by Corporation Bank, the sole financial creditor. The CIRP commenced on 12.04.2019. The RP received 8 claims, including 4 from financial creditors totaling Rs. 2138 crore. The CoC approved the publication of Form-G on 03.07.2019. The RP received 3 Expressions of Interest, with Waaree Energies Limited submitting a final Resolution Plan on 06.01.2020, approved by the CoC on 14.02.2020 with 100% voting. The Resolution Plan value is
…M/s INDOSOLAR…
Manufacturing…