The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of Kamachi Industries Limited, the Corporate Debtor, as a going concern. The CIRP was initiated under Section 7 of the IBC, 2016, and Mr. Vikas Gupta was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and a Committee of Creditors (CoC) was constituted, comprising five financial creditors with claims amounting to Rs. 1489.54 crore. The IRP prepared an Information Memorandum and invited Expression of Interest (EOI). The initial 180 days of CIRP ended during the COVID-19 pandemic, leading to applications for exclusion of the lockdown period and extension of CIRP. Resolution plans from three
…The Corporate Debtor, Kamachi Industries Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Vikas Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed, comprising five financial creditors with claims totaling Rs. 1489.54 crore. The RP invited Expression of Interest (EOI) and received resolution plans from three applicants. However, the CoC rejected both resolution plans with 100% voting. Subsequently, the CoC unanimously voted for liquidation of the Corporate Debtor as a going concern. Mr. Vinod Kothari, an erstwhile promoter, shareholder, and suspended Director,
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Mr. Vikas Gupta was appointed as the Interim…
IRP caused public announcement calling for…
The case involves an application filed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of Kamachi Industries Limited, the Corporate Debtor, as a going concern. The CIRP was initiated under Section 7 of the IBC, 2016, and Mr. Vikas Gupta was appointed as the Interim Resolution Professional (IRP). Public announcements were made, and a Committee of Creditors (CoC) was constituted, comprising five financial creditors with claims amounting to Rs. 1489.54 crore. The IRP prepared an Information Memorandum and invited Expression of Interest (EOI). The initial 180 days of CIRP ended during the COVID-19 pandemic, leading to applications for exclusion of the lockdown period and extension of CIRP. Resolution plans from three
…The Corporate Debtor, Kamachi Industries Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Vikas Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A Committee of Creditors (CoC) was formed, comprising five financial creditors with claims totaling Rs. 1489.54 crore. The RP invited Expression of Interest (EOI) and received resolution plans from three applicants. However, the CoC rejected both resolution plans with 100% voting. Subsequently, the CoC unanimously voted for liquidation of the Corporate Debtor as a going concern. Mr. Vinod Kothari, an erstwhile promoter, shareholder, and suspended Director,
…Mr. Vikas Gupta was appointed as the Interim…
IRP caused public announcement calling for…