The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Karaikal Port Private Limited. The CIRP was initiated by the NCLT vide order dated 29.04.2022, following an application filed by Omkara Assets Reconstruction Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Rajesh Sureshchandra Sheth was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) initially comprising Omkara Assets Reconstruction Private Limited and Phoenix ARC Private Limited. Subsequently, Phoenix ARC Private Limited assigned its debt to Omkara Assets Reconstruction Private Limited, making the latter the sole member of the CoC. The RP issued a
…1. The Corporate Insolvency Resolution Process (CIRP) was initiated for Karaikal Port Private Limited on 29.04.2022 by the NCLT, following an application by Omkara Assets Reconstruction Private Limited under Section 7 of the IBC, 2016.
2. Rajesh Sureshchandra Sheth was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
3. The Committee of Creditors (CoC) initially comprised Omkara Assets Reconstruction Private Limited and Phoenix ARC Private Limited. Phoenix ARC Private Limited later assigned its debt to Omkara Assets Reconstruction Private Limited, making the latter the sole member of the CoC.
4. The RP issued a 'Form - G' calling for Expression of Interest (EOI) and received five EOIs.
5. Two Resolution Plans
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The Corporate Insolvency Resolution Process…
Public announcement in Financial Express…
The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Karaikal Port Private Limited. The CIRP was initiated by the NCLT vide order dated 29.04.2022, following an application filed by Omkara Assets Reconstruction Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Rajesh Sureshchandra Sheth was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP constituted a Committee of Creditors (CoC) initially comprising Omkara Assets Reconstruction Private Limited and Phoenix ARC Private Limited. Subsequently, Phoenix ARC Private Limited assigned its debt to Omkara Assets Reconstruction Private Limited, making the latter the sole member of the CoC. The RP issued a
…1. The Corporate Insolvency Resolution Process (CIRP) was initiated for Karaikal Port Private Limited on 29.04.2022 by the NCLT, following an application by Omkara Assets Reconstruction Private Limited under Section 7 of the IBC, 2016.
2. Rajesh Sureshchandra Sheth was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).
3. The Committee of Creditors (CoC) initially comprised Omkara Assets Reconstruction Private Limited and Phoenix ARC Private Limited. Phoenix ARC Private Limited later assigned its debt to Omkara Assets Reconstruction Private Limited, making the latter the sole member of the CoC.
4. The RP issued a 'Form - G' calling for Expression of Interest (EOI) and received five EOIs.
5. Two Resolution Plans
The Corporate Insolvency Resolution Process…
Public announcement in Financial Express…