The case pertains to an application filed under sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a resolution plan for Kannu Aditya (India) Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by State Bank of India under Section 7 of the IBC. The resolution professional (RP) was appointed and the Committee of Creditors (CoC) was constituted. The RP invited expressions of interest and subsequently received a resolution plan from Kendriya Bhandar, which was approved by the CoC with a majority of 97.16% voting share. The application for
…State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Kannu Aditya (India) Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Anil Kohli was appointed as the Resolution Professional (RP). Public announcement was made on 2019-05-29, inviting claims from creditors. The Committee of Creditors (CoC) was constituted with State Bank of India and Punjab National Bank as financial creditors. The RP received three Expressions of Interest (EOIs) initially and later five more after revising Form G. Kendriya Bhandar submitted a resolution plan, which was approved by the CoC with 97.16% voting share. Punjab National Bank (PNB) raised objections to the resolution plan, citing unequal distribution of funds to secured creditors. The
…Sign in to view the parties.
Underlying Company…
Public announcement was made in Business…
The case pertains to an application filed under sections 30(6) and 31(1) of the Insolvency and Bankruptcy Code, 2016, read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, for the approval of a resolution plan for Kannu Aditya (India) Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by State Bank of India under Section 7 of the IBC. The resolution professional (RP) was appointed and the Committee of Creditors (CoC) was constituted. The RP invited expressions of interest and subsequently received a resolution plan from Kendriya Bhandar, which was approved by the CoC with a majority of 97.16% voting share. The application for
…State Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against Kannu Aditya (India) Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Anil Kohli was appointed as the Resolution Professional (RP). Public announcement was made on 2019-05-29, inviting claims from creditors. The Committee of Creditors (CoC) was constituted with State Bank of India and Punjab National Bank as financial creditors. The RP received three Expressions of Interest (EOIs) initially and later five more after revising Form G. Kendriya Bhandar submitted a resolution plan, which was approved by the CoC with 97.16% voting share. Punjab National Bank (PNB) raised objections to the resolution plan, citing unequal distribution of funds to secured creditors. The
…Underlying Company…
Public announcement was made in Business…